In less than a week since it launched, the Kickstarter component
of Wing Commander creator Chris Roberts' Star Citizen crowdfunding venture has reach it's US$500,000 goal, committing those backers funds to the game's development while the official site's pledge drive
forges on toward it's own US$2M target. The current combined total of the two is now over US$1.94M, and presuming the team's original statement is still valid --that they require between 2 and 4 Million in crowdfunding to make things happen (expecting a US$11M total development cost further funded by private investors)-- it appears to be well on track to make it.
Star Citizen brings the visceral action of piloting interstellar craft through combat and exploration to a new generation of gamers at a level of fidelity never before seen. At its core Star Citizen is a destination, not a one-off story. It's a complete universe where any number of adventures can take place, allowing players to decide their own game experience. Pick up jobs as a smuggler, pirate, merchant, bounty hunter, or enlist as a pilot, protecting the borders from outside threats. Chris Roberts has always wanted to create one cohesive universe that encompasses everything that made Wing Commander and Privateer / Freelancer special. A huge sandbox with a complex and deep lore allowing players to explore or play in whatever capacity they wish. That universe is Star Citizen.
Lots more details about the game and its ambitions can be found in this extensive Reddit AMA