Yes, Ghosts 'n Goblins Online is a thing. Remember that? Well now it has an official Steam Greenlight page, making the surprise localization a tad official -- so those of you who wanted it, you got it. Ghosts Online boasts co-op gameplay, a "rescue the princess" style storyline, PVP, and an extra "Demonic Dimension" old school difficulty mode that brings back all the retro challenge you could ask for (yes!).
The game has been billed by some as an MMO, but that term is really getting thrown around a lot these days without any meaning. Like Diablo, you'll engage in instanced quests with a limited group, in a dungeon crawling type manner. It's more akin to an action-RPG than a "massive" multiplayer experience, so don't get your expectations out of whack!
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destructoid's previous coverage: Ghosts 'n Goblins Online