The buzzwordily accurate way to describe The Dustcloud is that it's a location-based mobile game seeking crowdfunding, supported by microtransactions while tapping into the Internet of Things and, eventually, wearable computing and augmented reality. Phew!
Here's the less precise but much more readable way of describing it: Laser tag in the streets. And it's starting an effort to get funding through Kickstarter today. Read more here.