And what it looks like is a side-scrolling platformer with a few guns.
The first video of Mega Man Online's popped out of Korean show G-Star, showing the little dude in the helmet running sideways and shooting stuff. On the internet.
There's a giant Sting Chameleon boss at the end, according to Siliconera. We have precisely no idea what that is, but it looks hairy.
The game's set in the Mega Man X universe, apparently, and, according to 1UP, is being developed cooperatively between Capcom and Korean firm NeoWiz in an effort to strengthen "PC online game development" while expanding into Asian markets.
Whatever. No idea if this is going to make it west as yet. Logic says "no".