Moglings is the work-in-progress name for a new virtual world being created by Adam and Donna (the original founders of Neopets) and Ollie 'TPOSG' (a programmer who worked at Neopets and made tons of games and music). Moglings is just a codename, it's not the real name of the game.
It's the same team so you're going to see similarities in structure, story, and game design even though they're going for a slightly more sane world. There will be some silliness (but no U-bends of great justice, sorry). There will be some parody, but much more subtle and muted than you'd see elsewhere.
In the current design there are three layers to gameplay. The first is the house where you cook, clean and care for your pets. The second is the village where you play sideshows, buy and sell items and socialise. The third is the world where you and your pet go on adventures.
When adventuring you may encounter a Minigame (a wild Minigame has appeared!). These minigames will have 100% user-submitted, peer-reviewed level design. Think Angry Birds, Lemmings, Incredible Crew etc., but where the levels are designed and voted upon by the community.
It's a big, big project and - so they're planning to do a year of iterative design with the help of you guys, and then we'll hopefully raise investment to make the game.
The game is created in Unity. It's an awesome platform for game creation, and it allows you to publish content both on mobile devices and the web.
When you're actually playing you'll either be caring for your pet, adventuring, or playing minigames. This is going to be optimised for a tablet. They'll try to make this web browser compatible too, but moblie devices come first (because we feel this is what players will be using).