The project is described as a "TV series about the creation of a TV series," according to IGN. Citing early show planning documents, IGN reveals that the show will allow viewers to submit story ideas, which will then be voted on. The winning idea would get produced into two half-hour episodes.
"The Creation Project" is set up at Current with Will Wright and ex-Nickelodeon/Spike TV producer Albie Hecht.
There appears to be a major online/mobile device component to this series, including a "StoryMaker Engine" Wright has designed that will allow users to quickly make their own storyboards to accompany their ideas using pre-existing images or those uploaded by the users themselves.
This certainly fits in with Wright's penchant for user-generated content and storytelling as we've seen in The Sims and Spore. IGN speculates that the show could premiere this year with an online portion launching first.
The documents cited were early and everything is subject to change, according to IGN.