If you're not up on the history of this title, now (at its new beginning) seems a good time for us to sum things up. It started out as a way for Flagship Studios to test their networking technology for the then-upcoming Hellgate: London, but soon grew into a popular game in its own right through a widespread closed beta test. It was all set to transition from experiment to fully-fledged title and move into open beta when the well-documented trouble at Flagship derailed the whole thing.
However, Flagship's Korean publisher HanbitSoft acquired the game's license and decided to make use of it. They reassured eager fans only a few months ago that Mythos would be re-born better than ever. Only time will tell if that's true, but with this new closed beta registration, it shouldn't be too long before a select group finds out for themselves. In the meantime, all of the old Mythos devs will be working away on Torchlight at Runic Games. Torchlight undoubtedly stands to be significant competition for Mythos in the future, but it won't be ready (in its MMO form at least) any time soon.