2020 update. It's still not out.
Over 300 million dollars raised. They're pretty close to having enough for a real space ship at this point.
Glad I didn't put any money into it.
Was split into 2 games years ago and they've just completely stopped talking about one of them, Squadron 42, which sounded like the more action-oriented, more Wing Commander-like of the two.
The other game is supposed to be more of an MMORPG. They still talk about development of that one a bit in their blog.
I eagerly await the next round of crowd funding, and the announcement that development will now stop because they didn't meet funding goals, so it's all the backers fault really.