It was the grand experiment. To my understanding, it was supposed to be loosely modeled after SL - economy, building a business all that, but with a Sims kind of world around it.

As for EALand - it was supposed to be the closest (though not very) thing to a 'replacement' for SL.

But, the grand experiment failed. They are giving it through July I suspect, because they are actually reincarnating the Sims Online according to C|NET News - I apologize, I wish I still had the source.

I saw this during the news of The SIMS franchise breaking all those sales records.

So, the Sims aren't dead, yet. :)