Of course, Cobalt is a platformer where players can create new levels and new games using the tools included in the package. Cobalt will follow the same release strategy as Minecraft, that is, an eternal beta to build up a fan base, ending in a general release. Here’s an article with everything you need to know about Cobalt, including a video. GameSpot has the story.
If it works like Minecraft, Cobalt will be taking features and options from the community, so it’s impossible to say how the game really works. I do hope it’s a success, though, we need more small developers hitting the big time.