  We suggest an alternative framework for interpreting the current state of the
visible universe. Our approach is based on a dynamical ``Cosmological
Constant'' and the starting point is that a decaying vacuum produces matter. As
we point out, such a dynamical Lambda is not incompatible with the general
requirements of general relativity. By assuming inflation and big bang
nucleosynthesis we can solve for the present fractional densities of matter
Omega_{m,0} and vacuum Omega_{Lambda, 0} in terms of only one parameter which
we call the vacuum domination crossing redshift, z_c. We put constraints on z_c
to obtain a universe that is presently vacuum dominated and with characteristic
densities consistent with observations. The model points to the possible
existence of newly formed dark matter in the inter-cluster voids. We argue that
some of this matter could be accreting onto clusters through the latter's long
range gravitational potentials. If so, then cluster dark matter halos may not
manifest clear cut-offs in their radial density profiles. Furthermore, if a
substantial amount of this newly produced matter has already drained onto the
clusters, then the CMB power spectrum may favor lower dark matter density
values than is currently observed bound in the clusters. A final feature of our
approach relates to the combined effect of the matter production by a decaying
vacuum and the different rates at which matter and the vacuum will dilute with
the scale factor. Such combination may create conditions for a universe in
which the vacuum and matter densities dilute and evolve towards comparable
amplitudes. In this sense the model offers a natural and conceptually simple
explanation to the Coincidence Problem.
