The fan-made Wing Commander Saga: The Darkest Dawn project that's been 10 years in the making now has a release date: 22nd March 2012.
This has the blessing of IP holder EA, original creator Chris Roberts and developer/publisher Origin. That's what project co-creator Tolwyn told Gnome's Lair.
What's more, Wing Commander Saga: The Darkest Dawn will be free, according to the game's FAQ. Presumably the client will be available from the Wing Commander Saga website.