Just finished watching the streaming of Chris Roberts live presentation at GDC 2012. The game is called Star Citizen
and is going to be an online space combat sim with a persistent open universe. It will be a F2P MMO similar to Guild Wars 2. It will be for the PC and he wants it to push it to its limits.
The website has also got a massive update, which I'm just going through now. I know there are fans of Roberts' previous games around here and he stated that this is going to combine the likes of Wing Commader, Privateer and Freelancer but also be much, much more. Here is the main site for the game for anyone interested in learning more or getting involved in it as he is going down the crowd sourcing route : http://www.robertsspaceindustries.com