Penny Dreadful is a new player run format on Magic Online where every card in the format costs 1 cent or less. That's the rule. There is - to my knowledge - no ban list. Every card on Magic Online that costs 0.01 or less is legal in your deck.
The format self-regulates, as a deck that dominates the format will increase in price slightly and become illegal by the next rotation. There is a rotation upon each new set release on Magic Online.
In a format where the staples will cycle with every set release, brewers take center stage in a race to define the next meta. At less than 1 Tix per deck, no card is out of your budget!
Mechanics that weren't quite powerful enough to compete in Modern and Standard are now king in Penny Dreadful.
Now I just have to figure out how to find someone to play with without joining the clan. 
Yes, its the ship! Treasure Cruise is legal in Penny Dreadful!
Best way to find matches is probably to join the Penny Dreadful clan on MTGO.
The Penny Dreadful web page: http://pdmtgo.com/
The Penny Dreadful Reddit: https://www.reddit.com/r/PennyDreadfulMTG/
Gatherling.com runs a weekly tournament on US-friendly hours: http://gatherling.com/gatherling.php
