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I played the shit out of this game when it launched. Looking forward to the 1.1 content patch due to launch in Nov/Dec. They're adding a bunch of new tools and weapons and shit, mythril/adamantite, and at least a couple new biomes. Also some new PvP mode that allows you to pre-generate worlds with forts on opposing sides of the map. All in all sounds like a really great update.
unofficial patch notes on the wiki:
http://wiki.terrariaonline.com/Upcoming_features