This sounds amaaaaaaaaaaaaaazing.

Here's how the global Monopoly game will work: You'll start with $3 million in Monopoly dollars. You'll then be able to buy any street you can find on Google Maps, whether it's a major boulevard or a rural road. Some spots will be costlier than others: London's Downing Street, for example, is said to have a starting pricetag of $231,000, while Washington's Pennsylvania Avenue is rumored to start at $2 million. If someone else gets to your favorite street before you, you'll be able to make an offer to buy it away from them.

If you're feeling frugal, fear not: Once you start building, the cash will start flowing. A house will automatically earn you $50,000 in rent a day, the Daily Mail claims, while a skyscraper will pull in a cool $100 million daily. You'll reportedly have four months to do all your bidding before the game ends.

Perhaps the best news of all: Despite the soaring fake-money figures, the game itself won't cost you a dime to play.

Source

Right now I can't even get the website to open, so apparently they are having quite an overwhelming response.  You can try for yourself though: http://www.monopolycitystreets.com/

I hope it's browser-based so I'll be able to play it here at university, or I'll be über disappointed. I can't wait to buy up half of my city.

Yeah it appears to be a collaboration by Monopoly and Google, and possibly EA is in on it somehow too.

After 8 hours I finally got into the game and bought my street, but it took me about 10-15 minutes, it's sooooo slow. I've got 8 more streets in my city I want to buy, but I just spent another hour trying to get the search window open, now I've got to go to class... that's how slow this thing is. I made the mistake of refreshing and it took me another 15 minutes just to get back in. Right now I'm trying to bring the search window up to buy more streets, I get a "loading" message then nothing happens.

Basically so far from what I can see... you buy a street, then you can put houses on it. I assume that the # of houses depends on the street size... my cul-de-sac holds about 5 houses it looks like. The houses range in cost from 25,000 into the millions, but they always give the same return per day... 16% of their cost. People can make you offer to buy your street, or sabataoge you with bulldozers and stuff apparently. 

Rather than going after the obvious & expensive landmarks that are probably all taken by now, my strategy is just going to be to start from my actual IRL house and slowly spread until I engulf my entire city. My street was relatively cheap, 130,000 or something... seems about as low as they get. Ideally I should take over some hick town in the US somewhere, but the sentimental value of owning your entire hometown has too much appeal to resist.