Definitely is on my radar. Borderlands held huge appeal, but ultimately left me wanting... different. It did so many things right, but was still somewhat limited.
This looks simply amazing. VERY interesting to see a truly different approach to mass-gaming. It's not an MMO, it's free - and it looks to be massively open-world... very unusual combination. Most (all?) MMO shooters will suffer greatly from lag, or be built in such a way that accuracy is diminished so much that a two second lag doesn't factor. Both bad options.
Having semi-local massive servers sounds like it could be a brilliant and elegant solution.
Still over a year off - so we'll see how it all pans out.