The website is a little slim, but checkout:
http://www.deepsix-online.com/site (this is a flash site for it...little out of date)
It gives a little more information.
In a Nutshell: Take Iron Wolves (old multiplayer naval game), update it to directX (was 2d), apply a "war comic" art style, make a budget MMO for naval gamers; kind of a naval equivalent to Runescape.
Drive a sub or surface ship, find something or someone to sink, or take on a mission. You can play for the Northland, the Westland, or you can be a Privateer. Privateers can create their own "squadrons".
The full breakdown of the gameplay was part of what was lost when our last server host went out of business without notice.
It's a personal project and is naturally taking me a long time to get done. I'm not alone; Grant Madden and Peter Sloto are part of the effort, but its primarily a hobby project of mine that started after the GOLD edition of Enigma was released.