Upheaval Arts hopes to raise $80,000 or more to finish the first act of the game and get it into public testing. Currently there are two races in the game (Terran and Protoss), although with stretch goals the Zerg are a possibility.
The team has some respectable names attached to the project, including Composer David Orr and voice actors Danielle McRae and Eric Dieter. StarCraft Universe will require Battle.net to play and will be completely free to all.
If you're concerned about Blizzard finally lowering the boom on this mod, well, don't. The team says that it's gotten the studio's approval: "While Blizzard is not directly affiliated with this project's production, we do communicate with them to submit bug reports and make technical requests. They have given their blessing/permission for us to launch this Kickstarter, and they are supporting our efforts by featuring SCU as an arcade highlight."