Just an update in case anyone meant to check it out but hadn't got around to it yet. It ends just after midnight EST on Sunday night.
I've been crawling through their updates and their forums and I have to say I am impressed. The approach they are taking is very unusual, but it seems very possible, largely because of the unusual circumstances surrounding City of Heroes life and death and community. Another plus is that they seem to have gotten the stuff I would expect might derail a volunteer project (direction-impacting drama and technical questions) resolved months ago.
[ Actually, though it is probably hard to tell, this is me resisting writing more on it. :/ I have alpha- and beta-tested a lot of [mostly crappy] MMOs in the past, so I am kind of fascinated by seeing an effort by folks, many (most?) of whom are professionals in other fields, who have personal experience with what made CoH special, and who share a desire to make a new home that is better while still feeling the same. It's a big change from the often depressing-to-me approaches I have seen taken by companies that were producing MMOs the "normal way". ]
So, yeah, I dunno if they will blow up or run out of steam or manage to somehow contract drama but, so far, it is definitely a thing. :) I'd suggest checking out the updates there even if you have zero plans to KS.
Kickstarter:
http://www.kickstarter.com/projects/missingworldsmedia/the-phoenix-project-city-of-titansForums:
http://cityoftitans.com/forum (I am on there as Wanders)
Edit: Kickstarter is done... 5003 backers, and $678,189 total (more than 200% of the target). :)