The world is randomly generated right now. I use cellular automata and a large number of iterations to create the islands. Successive CA runs overlay the mountains, hills, etc. I've played around with a few settings, and the "island world" is something I wanted, something in my head before I started working on the game. If you've ever read Ursula LeGuin's "Earthsea" books, they had a tremendous influence on me.
But with that said, there's a limited amount of randomness in terms of what's generated on the world at the moment - dungeons, caverns, villages, etc. There's a lot of room for improvement, and this is an initial alpha release (seriously, these are early, early days). There's a lot of code, and I've put a lot of effort into this, but there is an infinite amount of stuff on my to-do list. I want super-monster lairs, ruined castles stalked by monsters, labyrinths and ancient palaces under mountains, and all kinds of other interesting things.
The Omega influences for me would be all kinds of quests and things to do that aren't necessarily related to the main story arc, but which you can do if you want to. Join guilds, fight in arenas, and so on. I always had some trouble with Omega due to the clunky AI (inventory management was a massive pain in the butt), but the world it throws you into is a ton of fun. And maybe I'll add an optional "play as yourself" feature ("Do you see auras?").