The project is definitely a social experience with the trailer showing off Facebook-esque notifications corresponding to player actions.
The trailer also features building creation and customization as well as several minigames: driving, flying, and fishing. Certainly a departure from APB and the original Crackdown.
BOOM video 5905
Project: MyWorld is scheduled for launch in 2011 and a closed beta should be kicking off shortly. If you want some virtual world creation until then, check out Minecraft.