I hadn't heard anything about it myself until it just popped up in the "New Games" section of the XBox store. I was quite shocked and surprised to see it there.
Kind of strange, IMO, that someone thinks there's still a market for something that's been off the air for 10 years but there it is, nonetheless. The one thing I've noticed about many of the reviews is it seems to be Galactica In Name Only - "GINO" - ironically, the name given to NuBSG by fans of the old show, insofar as it seems to be a somewhat generic strategy shooter that just happens to be sporting a BSG-style skin. As in, it looks like it could just as easily be modded to support Trek, Wars, B5 or any other space combat simulator skin. Such a thing would obviously be easier to do on the PC variant than the consoles.
My guess is BSG is likely considered a less expensive thing to license and market right now, no longer being prevalent in popular culture, yet due to its inherent nature of inter-ship warfare, large and small, it lends itself nicely to the main purpose of the game. If it proves to be a successful game overall, surprising everyone, I suspect it would simply be a matter of establishing licensing agreements with the bigger properties to expand its capabilities and compete with other similar shooters. Once the licenses are established, they plug-in new skins and voila! Whole new game for a new generation of gamers. That's how I would do it if I were managing the project anyway.