It is sort of like a Simcity minecraft, as it has dynamic generation of terrain and such. However the strategy/gameplay is much more complex. The motto for the game is "losing is fun", and your dwarven settlement will be assaulted with all types of disasters and difficulties.
Apparently Minecraft was inspired by Dwarf Fortress.
Here's a New York Times article
http://www.nytimes.com/2011/07/24/magazine/the-brilliance-of-dwarf-fortress.html?pagewanted=all
And Wikipedia
http://en.wikipedia.org/wiki/Dwarf_Fortress
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