It's ('is/was) amazing! On launch date I've spent good couple of hours there. The execution is magnificent. Realtime rave in minecraft-like world. Somehow this needs business model to keep it actually alive and well.
Ok, trying it out now from my PC. Nice, one can even go into second dancefloors, in a tent (with youtube that I can influence) but there movement could be polished. But I like the idea.
Microtransactions. In a non-joking sense. People pay for outfits or gear to wear to the rave. Or they can work for it in game. Maybe a bit like EVE Online where you can pay monthly to play but if you make enough in-game you can buy a months subscription.