Yeah, it looks freaking awesome. Looks like Star Control 2 or Starflight, but with land combat too. It was originally due out in April, but was delayed. Hopefully that means they are squashing some bugs and doing a halfway-decent translation (the text in the screenshots on Gamespot looks ok).
From what I read, the first Space Rangers was good, but was never officially released in English, but there was a fan translation.
The original was great fun. An English version was made but never (previously) released. It’s sort of a turn-based Escape Velocity Nova (with a realtime mini-game when travelling through blackholes) with a very colourful art theme.
It was developed by Russian Elemental Games and apparently sold a shitload in Russia.