http://www.robertsspaceindustries.com/star-citizen/ (http://www.robertsspaceindustries.com/star-citizen/)
Link up there has all the details, but here's a rundown of the basics...
PC-based Spaceflight Sim MMO. (No, seriously. I don't think even next-gen consoles COULD handle this thing...)
Ambitious as hell, which is why they're asking for 2 million. (They have over 1 million pledged as of the time of this posting on the main site, and they have a kickstarter going too, due to fan request: http://www.kickstarter.com/projects/cig/star-citizen?ref=www.robertsspaceindustries.com (http://www.kickstarter.com/projects/cig/star-citizen?ref=www.robertsspaceindustries.com))