Parseley with a small group would basically be Text Adventure: The RPG, yes. Single PC controlled by many players, IF-like conventions about things like maps and inventory, and you have to give simple, parser-like commands to the GM.
I took part in Parseley at PAX East 2010, and was pretty mixed about it. I think the essential format has the potential to be pretty cool; I’m just not very interested in the sorts of games that have been made with it.