You've probably heard of adventure maps - be it in Minecraft or Terraria, they're user-made maps with preset rules and custom-built challenges and puzzles. It's along the line of modding, but doesn't require the knowledge of any computer language. Like modding, adventure maps can extend the longevity of the game substantially. Building is similar; it's why Terraria and Minecraft are still alive. Want to build a scale model of the Death Star? Alright. Taj Mahal? No problem. Creating all this basically requires the use of TEdit (for Terraria) or MCEdit (for Minecraft): independent programs that edit a map without the limitations of controlling a character, like MS Paint for games. Building on a huge scale is doable in regular mode/creative mode, but to really make impressive maps you need the help of a third-party program like these. A built-in mapbuilding mode would allow you to create large buildings and adventure maps without the hassle of working around a character or seeking out a helper program and swapping between programs in testing. It would allow people who wouldn't even try creations like these a chance to give it a shot. Starbound's already looking like it's pandering to those with a creative flair with all its block types and furniture and decorations. All these elements are looking fantastic; now we just need a way to put them together on a large scale without the limitations of gameplay (for lack of a better word).
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Unless you are talking about building maps outside of the game as you mentioned with TEdit and MCEdit. Programs like that will most likely be modded in if Director Mode isn't all it's hyped up to be.
Director mode could be used as a mapbuilder, I guess, but it depends on how it'd be implemented. Plus, we haven't heard anything about it since that post over a year ago. It could've been an idea that just didn't make it to the game. But yeah, the mode I'm suggesting would be in the game, but serve the same function as MCEdit and TEdit.
Personally I like this idea, I know I'm just a little late to comment but I see what abstract is saying if we had this think of the possibilities. I was thinking of doing a planet similar to Star wars planet Coruscant.