You'll see a most unusual option. Play the game solo. Play the game in multiplayer. But what in the world is "hyperplayer"?
I asked Notch and if I hear back, I'll let you know.
UPDATE: On Twitter, Notch says: "The "hyperplayer" option in the screenshot is a punny placeholder text for playing on the multiverse. It won't actually be called that. If we keep it, we'd need to rename the multiverse to the hyperverse, but the hyperverse includes our universe, so that won't work. See?"
Otherwise, consider that 0x10c is a sci-fi game so ambitious that it simulates a 16-bit computer that you can then program from within the game. It's also deep in development, and Notch likes to have fun. So...anything's possible here.
I do like the term, though. I hope it sticks.