Architecturally, Verse is client/server, but the server only stores and manages data.
It contains no application-specific intelligence, leaving that for specialized clients. A small but growing set of clients exists today. Writing a new client from scratch can be very easy.
The entire project is being developed using free and open licenses (GPL, LGPL and BSD in a potent mix). We use some rather nifty 3D and networking technology, such as subdivision surfaces, programmable shaders and event compression.
Verse has been under silent development for ~20 months, with two fulltime developers funded by the Interactive Institute, a Swedish research company. This means that unlike many other projects in this genre, Verse is not very vaporous. We have code now, and we have lots of it. We're far from done, though, and now we need some help from the community. If you know C, and like to fiddle with 3D graphics, physics simulation, collision detection, game rules, virtual machines and code interpretation or any some such, please look into Verse!
Verse is hosted by SourceForge, at verse.sourceforge.net.