Well the single player portion is going quite well,
When items are in, you will be able to use them to effect other player’s worlds. This might be something like: summoning a buffed enemy, siphoning their life, instantly spawning a few enemies, increasing their world level, etc.
This all depends on if I can get the network online before the deadline, I guess I won’t be sleeping tonight!
Try the early build here: http://dl.dropbox.com/u/13605298/index.html