I thought it would be a good idea to share a bit of what has been done and what has been confirmed as "definitely getting into the game" from the massive jar of cool ideas we've got. There is a lot of very good ideas in the jar, but some of them may not be getting into the game due to technical limitations or because they'd require a (yet another) massive overhaul of some existing components.
Currently, I believe we're done with the terrain ENGINE-component. This means that we will stick with the current way things are made, which is that you have a flat planet like in this lovely screenshot (btw new trees!):
http://i.imm.io/1e99h.png
The planet is infinite, in a sense. It loops back around. Think of the planet's surface like a tank track, rotating around. This creates an illusion of a round planet... sort of. Once you leave the planet's surface up into space, the planet will be transformed into a circle. The surface will bend and connect to the other end, causing you to realistically land on different spots depending on your angle of arrival when landing.
Now the reason I say that only the ENGINE part is done, is because we've not actually done all that much of work on the actual surface of the terrain. Everything is just done via a pseudo-random number generator, and the result is... poor. Also there are no bodies of water. So the terrain requires a bit of work. We're not going to work out multiple biomes (probably) per planet, but rather have each planet be of a specific biome. What this means is that one planet may be a lush jungle planet with a lot of vegetation and relatively high air temperature and moisture, while an another planet can be a snowy wasteland, with nothing but mountains of snow and ice. Or then a planet can have no atmosphere at all requiring you to bring your own lifesupport with you, should you wish to colonize it.
Traversing and randomly generating planets is currently done. In my tests, I've generated over 500 planets with each containing over a 100.000 blocks, without even having to worry about the performance. You can up and leave the planets without a loading screen or anything as such. But remember to bring your lifesupport with you when you do, which brings us to an another big thing that is a definite part of the game; Lifesupport. I recall explaining it a bit in the past, but here goes anyway.
The way we're going to implement lifesupport is that you need several things in order to successfully traverse space. This is not set in stone, but the original idea was to have the spaceship / space shuttle provide you with oxygen, heat and energy. Energy will be consumed to upkeep the devices that regulate your oxygen and heat in the vessel. Those things are the absolute necessity, a lifeline. Additionally, if you are travelling for a longer period of time, say cross-star system or even cross-galaxy, you'll need defense against radiation. The longer you spend in space, the more of radiation poisoning you'll accumulate, eventually leading into death. That's the idea anyway, but again, this is not set in stone and as with everything, this is subject to change.
Gathering energy is going to be simple. Either burn coal (which will slowly deteriorate the atmosphere, making the planet colder and deader until it is a barren moon-like wasteland), use the wind (if the planet has an atmosphere) or gather solar energy (works always). This produces energy, which can be stored in batteries of various size.
Oxygen generation is possible as well. This means that big ships can be self-sustaining. Fit your ship with a greenroom, provide some solar energy for it and you'll have a solution that creates you oxygen and a little bit of heat. Use the solar energy to fill up some batteries, and feed a bit of the power to a radiator, and you have heat. Feed the oxygen, heat and energy to a climate regulator inside your ship (or a planet) and you'll have an artificial atmosphere for your ship (or planet).
All the resources will have different size containers. The bigger the container, the heavier it is. The heavier it is, the more power it requires to lift off of a planet. The more power required, the more fuel is burned, and the more rockets/propellers/what have you are required.
The previously mentioned decay of an atmosphere leads to a new point, dynamic weather. Now this is a thing that I've started experimenting with, and may not make it into the game at all, but I'm hoping it will.
The weather would work semi-realistically. Meaning that there can be only rain if there is an atmosphere and large bodies of liquid water on the surface of the planet. The weather would dominate the temperature and the moisture of the planet.
The weather itself would have rather little effect on the player's daily life. Its a neat side thing. Things like re-growing trees and plants would work faster, meaning that when there's rain, the cut trees would grow back faster. There was one largish thing to affect the player's life, which would be lightning-rod-based-battery-filling-apparatus. This would be a battery, fitted with long metal rods, that would attract lightning strikes during a thunderstorm. When a rod is stricken, it would charge up the battery/device attached to it.
Currently there is a total of 15 items that you can craft. The way our crafting system works has been explained in the past, but I'll freshen your memories and tell the possible new people how it works.
http://i.imgur.com/dY0Cibe.jpg
On the bottom, you can see the crafting module. On the left side of it, you place the materials, and on the right side, you see what you can craft out of them. You can't however just stuff everything you have into the left box and browse through everything you can craft. You'll need to have the specific materials for each item. This means that if your item requires only wood, you need to have only wood in the left side grid. If you add stone with the wood, the item that required only wood will disappear, leaving you with whatever you can craft from wood + stone, with the quantities of items you've got.
This adds a bit of adventure and trial & error to the crafting system. You'll have to discover the crafted items your self, but it isn't as strict as Minecraft for example, where you have to have them in specific spots in the grid in order to make it work.
A lot has been done, and a lot is still going to be done. A lot will change between this post and when the game is finished, but I hope that this post gives even a little insight to what is to be expected when you finally get your hands on the title.