It depends on how big the name Roberts really is and if there's enough 30+ year olds who remember Wing Commandor and Freelancer (games i adored as a teenager).
5 million is a very tall order and yet a drop in the bucket for a major game.. top of the line games nowadays cost tens of millions and only a select few franchises exist that make a return on this investment.
I honestly doubt Robert's has remained a big name.. outside of people in their 30s and gaming nuts i don't believe the majority of today's Xbox and PS3 crowd know who he is much less that he's getting a game together.
I hope it happens.. Space Combat is a dead genre and could use a boost. If this becomes a success i'm hoping others will reconsider and launch their own games.. i could use a state of the art X-Wing game.