Project O is being developed by Cing, Marvelous Interactive, and Townfactory.  It is said to be similar to Sim World as the Harvest Moon creator, Yasuhiro Wada, says in this interview:

“In Sim World the player takes on the role of God, but in Project O the gamer plays among the people and creates the world around them from ground-level, not as god. The player will select one person to perform a task, and he will go off and talk to several other people, who will then start to change the world around the player.”

Sounds like it could be a cool concept.  Hopefully we’ll get some solid details soon.

Source: CVG