The team mostly split up after the second game (I think it was the second, anyway), with a
bunch of guys going off to Warthog and working on Starlancer (PC/DC), Star Trek: Invasion (PS1), Battlestar Galactica (PS2/Xbox), and Mace Griffin: Bounty Hunter (PS2/Xbox/PC).
The lead designer (Mike Ellis) wound up working at Crystal Dynamics on the Legacy of Kain and new Tomb Raider games (woo!). One of the programmers (Gavin Dodd) wound up going to Insomniac to work on pretty much every game after the first Spyro. Woo!
A new Colony Wars was planned for PS2 a few years back but it never came to be
No idea who the developer was supposed to be. Always loved the first one to bits and pieces.
Tangent: It's a shame that the SNES version of Wing Commander 2 was never released and has yet to be dumped. I'd love to see how that turned out, because I enjoyed the PC version even more than Tie Fighter. That's saying something.
...and if you enjoy space combat sims in the slightest, then you owe it to yourself to play Independence War. Good lord is it good. Freespace is hot+wet and all, but IW has the edge in physics and missions that are every bit as awesome.
Oh, and Great Dane and Zemmix, you might want to play Freelancer or X3.