So this is still probably the only MMO that I plan on trying out on the first day but I haven't seen anything about it in the news for months if not since the last E3.  Is the project currently dead or on the back-burner until Space Marine comes out?  Was there any news about it at all this E3?

The team doing the mmo is focusing more on Darksiders 2 at this point.   I wouldn't be scared that it's going to be canceled.  MMO's take years to create.

Patience young padawan.

It's being developed by Vigil. That alone has me interested and I normally hate MMO's (though Guild Wars 2 is starting to look more and more appealing).

I know absolutely nothing about this. I've seen some screenshots but that's the extent of it. I was hoping to learn more about how they're planning for it to play. Like WoW or more like an action RPG (twitch)?

This is the latest I've heard, even though THQ are denying it, I think some of it might be true. 
http://www.rockpapershotgun.com/2011/10/13/hmm-dark-millennium-online-details/