The game all the devs were making before Midway went broke (aka: the game this is based off) wasn't an MMO. Given that a large number of employees moved over to this new company I think it's reasonable to assume this will be single player.
One also has to consider that managing all those powers in a MMO setting would be completely impossible, you'd have to nerf everything to shit because you can't have players going around destroying set pieces that might be needed for others to progress/quest/whatever.