Terrayn will be divided up into four kingdoms, each of which can be customized by the playerbase. The developers promise that players can "drown villages and build up empires" if they so choose. The MMO will take place on a single server with a single population. Players can also wield the power of API to fully script events and structures on the landscape for others to discover.
CodeMushroom is asking for $300,000 to create a closed beta within 18 months. We've got the introductory video for Terrayn after the break, so check it out and see if it's worthy of your investment dollars.
[Thanks to Todd for the tip!]