I am currently in the design phase of starting a project that takes it's inspiration from the original Descent games. Right now I am working on refining my concept with serious development starting early next year. The initial releases would be free, and focus largely on a multiplayer experience. However, if these initial releases are successful there is the possibility of it turning into a full retail game with a simple player campaign.
Here is my current version of the design document:
There is also a thread at beyondunreal:
If you are interested in working on the project or helping me refine my concept please post here and send me a private message.