Peter Molyneux, the designer of the original god-game Populous, is working on something similar in his spare time. He's now creative director of Microsoft Game Studios, but on weekends he's making FeedMe, a version of Populous designed to be played by up to 256 people at a time.
He booted up his side project during the presentation, debugging a fatal error on the fly to give onlookers a rare glimpse of the game. Joystiq describe it as a high resolution version of Populous, but with a minimal UI. Molyneux, whose last games included the Fable series and Black & White, hasn't announced any intentions to release FeedMe yet. Given that he has Minecraft in his quicklaunch bar, we probably shouldn't expect it any time soon.