It's one of those continue the story threads you see on off-topic forums all the time. Just taken into production, acted out and televised. Guess this is one way to get around another writers guild strike too.
While I despise the work that Will Wright has done (Spore!), this is actually a cool concept. I really hope that they actually produce what people vote on and not cop-out and just pick whatever they want to do. This could be a really cool show. I wonder if they'll leave the story wide open and allow anything to happen. Alien abductions, main characters killed off, wizardry, etc.
Is it just me or are they using us to create a television show? I think this would be a cool idea if the "winning" story-lines and ideas get rewarded in some way (money is always a good place to start ).