The team, consisting of Fabrizio, Marc, and Sarah, aims to develop a vertical slice of a 2D platform action/adventure game inspired by Prince of Persia by February 15. Their main features include simplified combat mechanics, a level select menu, and various tile types, with the development relying on tools like Photoshop, Illustrator, and GameMaker 8.1. Next steps involve establishing a naming convention, selecting a specific character model, creating 2D imagery, and sourcing sound effects.