Most of these features are still in the planning stage, so keep that in mind. I'm going to pad this out a bit and go into more depth on some of the features at a later point (probably after I get the website up).
It's going to be a hybrid multiplayer online RPG, basically a combination of traditional turn-based (Final Fantasy like) combat and FE-like tactical battles, and will also contain elements of 4X strategy.
The basic concept is that there are 4 stages that you'll progress through over time:
1- [First Person Mode]
You create your character and choose a starting class and village. You'll be able to do a number of different quests (some quests will be unique to certain villages, while others will be available everywhere (If you've ever played the Final Fantasy Tactics games, think of something similar to the Quest/Job boards in the bars), gaining money/experience and levelling your character up. You'll also progress through a hierarchy, eventually becoming a "Lord" or something similar. I'll have more information on this soon.
If I can manage to put a system together, you'll also be able to explore the overworld (RPG maker style), and there will be some dungeons and shit where you can grind against monsters/find treasure. You'll be alone on all of the maps etc (as in, people won't be running around with you), BUT you will be able to fight people in battles/tournaments etc.
The PvP battles will have chatboxes so you can talk to the person you're battling. If your enemy is idle for a long period of time/they disconnect, you'll be given the option of ending the battle so you aren't left sitting there if they ragequit.
2- [Third Person Mode]
When you gain the rank of lord (or something similar, not sure how I'm going to do this yet), you gain access to the tactical battlefield (you will still continue to play in the first stage, as well), which will most likely work in a similar way to the FE game battles. Basically, you'll be able to hire a party of mercenaries (who you can customize/level up as well) and participate in a number of quests/skirmishes/wars against other armies. In some cases, you might be given an army to control, while in others you will be able to use your own personal team. Battles in these fights will work in a similar way to FE combat, not like the turn-based RPG style battles of the first stage. (I think that "boss fights" will play out as proper battles between your main character and whoever the boss is, though, to mix things up a bit)
Again, there will be PvP battles as well, which will have chatboxes, as well as the option to pause the fight and resume it at a later stage (maybe).
3- [World Building Mode]
Country/state stage. You'll be able to build up your own "area", starting with a Village, which will develop into a town, and then numerous towns. Once you reach this level, there's no reset button - if your village is invaded and destroyed/taken over, it's lost for good unless you come and take it back at a later point. If you don't want to go to the trouble of doing all of this, there will be other options at this stage (ie. joining someone else's "area").
4- [God Mode]
Empire stage. I haven't really planned this far ahead, but basically there will be room for a limited number of empires/kingdoms/whatevers, which a few players will be control. This might not ever happen.
The game will be hosted on it's own website, but I do plan on integrating a lot of the features with the FEE forums. It's a massive project, and I'm planning on releasing it in stages (so basically, the "Empire" stage isn't going to happen for quite a while). Expect a (limited) beta test for the first stage sometime in July.
I'll create a few threads over the next few weeks in regards to ways that you can help out.