TenTonHammer have an interview up with Space Time Studios, discussing their brand new "epic science fantasy" MMO. This is the first serious bit of news to come out of the studio, other than their art director visiting China.
Space Time Studios are still keeping quiet about major details of their new MMO, but we now know that the primary focus will be real-time space flight & combat, and it's epic science fantasy. Whatever that means. Presumably kobolds riding beholders and firing laser rifles at each other. Formed in late 2005, Space Time Studios includes many game industry vets that have worked on such titles as Star Wars Galaxies, Jump to Lightspeed, Wing Commander ... and even a Duke Nukem Forever escapee.
Major details and a name for their project shouldn't be too far off, so stay tuned.