Games Are Fun brings us the good news: wing Commander is back, and headed to the Xbox Live Arcade. The new title is called Wing Commander Arena and will focus on multiplayer dogfights with up to 16 players. There will be a single player mode, but I think it's safe to assume that it will just be the multiplayer mode with AI opponents.
Sure, it's no Wing Commander V, but at this point I'm glad to see any sign of life from this franchise. Look for Wing Commander Arena this summer.