For those of you who don't know the trials and tribble-ations (pun intended) that the development has gone through so far, here is a brief summary in a spoiler tag:
Perpetual Entertainment went bust (more or less) in Dec last year and STO was officially "cancelled" by them in Jan.
An "Unknown Developer" bought the rights from Paramount to take over development of the game.
The worlds worst kept secret was then kept for a while as a big counter counted down on the Cryptic Entertainment (of City of Heroes fame) website that had a background that was concept art from Perpetual's STO.
Rumors were heard that all Perpetual had done in the 2+ years that they had developed the game had been produce some concept art, some Maya models and a rough game outline.
Cryptic announced officially that they were developing the game at the Trek annual convention in Vegas. They are starting more or less from scratch but already had a working version of the engine and some in-game footage as they are using a modified version of the "Champions Online" engine. The game will be set out differently to Perpetual's game in that each player will be Captain of their own ship (some people smiled at this, some people cried).
Suffice to say that it's touted to come out "in less than 3 years" (some people are hinting at the end of next year as a possibility but it's mainly believed that we'll see it in 2010.
Anyway, there's a gameplay trailer over at http://www.startrekonline.com
It's only a "as the game engine stands at the moment" trailer but looks very promising in my opinion.
Anyone else interested?