Bungie calls Destiny a "shared" first person shooter. It will require an always-on Internet connection and allow players to interact in ways that are intended to be both more pervasive and seamless than traditional online FPS or MMOFPS games.

It will not have a subscription fee and is not considered an MMO by Bungie.

Bungie employees described a style of play that might best be categorized as drop-in, drop-out coop with no lobbies or menus, similar to the Sony PlayStation 3 title Journey.

At its core, we’re building an action game – a Bungie FPS. As we play in a space we’ve always loved, we’re intentionally and gleefully bending and blurring genre lines, blending concepts, constructs, and features you wouldn’t traditionally fit into the FPS category.

--Deej, Bungie Mail Sack
http://www.bungie.net/7_Destination-Mail-Sack/en-us/News/News?aid=10329