...not as a traditional flight combat sim. Wing Commander Arena will be a multiplayer, arcade-style shooter for Xbox Live. There isn't even a Y-axis -- all the ships fly around on the same plane, so it actually plays more like Doom:
http://gamevideos.com/video/id/9496
Sad, everything that I liked about Wing Commander has been tossed aside -- the intense dogfights, the cinematic approach to storytelling, etc. But apparently I'm in the minority, the folks at the Wing Commander CIC seem very excited about it.