While I'm not keen on the artstyle of it so far, it doesn't sound like it would be too poor.
The Yogscast themselves aren't touching the coding in any way and only the Development team they're working with are.
So the Yogscast are simply pitching ideas to it and relaying ideas from the players/fans to the Devs.
I can see how it won't be popular with people who dislike the Yogscast, since it seems to have a number of concepts that just revolve around their series, but I think it might be interesting to atleast test out.
Unfortunately, I quite like the Yogscast and I really enjoy their Shadow of Israphel series.
But, they seem to have really really stopped doing any of them. Despite saying they would have regular episodes following Christmas, they've had 2 rather boring episodes since the beginning of February.
And if they're going to be focussing on this, I could easily see them deciding to shift their view over to it instead.
In which case, the game might be a flop on so many levels that their YouTube videos suffer too.
I know a lot of people dislike the Yogscast for being overly popular for something seemingly trivial as what was initially a Lets Play, but I can't help but like it and hope that this goes somewhere at the least.
I can say that I'd only really just decide to keep an eye on it and see how it goes.
I wouldn't dedicate myself to hoping it turns out fantastically and I'm not likely to donate to them.
Who makes a game based upon a Let's Play? It's like writing a book about a movie about a book.
So it's basically going to be a stuffty flash MMO about some overly popular lets players?
Most of the things they're going to add in from their series comes from the Shadow of Israphel, which isn't really a Let's Play anymore, although it started out as one.
I like the characters and story they've developed and it would be interesting to see what they do with them.
And for the most part, I think any characters they put in will just be like Cameo-style Quest Givers.