SpaceSimCentral

http://playstarbound.com/Take half of the team that created terraria, mix in a new development team, have lofty ambitions for terraria in space plus a whole heap of other ideas and throw in proceduaral generation on everything and by mid year you have starbound info can be found above

Looks like a side scroller which I miss a lot and looks like from the description that there is going to be a lot of planets to explore. I also liked that tech demo of the lighting with the flashlight.
Quote:
Endless Planets to visitPlanets in Starbound are entirely procedurally generated and filled to the brim with unique content. We went into the planet generation with one simple goal: no two planets should be the same. By procedurally generating even the smallest details, we’re doing just that. Not only is the terrain of the planet procedurally generated, but the weather, the gravity, the difficulty level, the plant life, the behaviour and appearance of alien creatures, and much more all contain random or procedurally generated elements.

The Starbound site just got an update which shows a bit of what the space exploration is going to look like. (everything is still a WIP and subject to change, however)

I've been keeping an eye on this one and will purchase it! It has a strange appeal; maybe it is because it seems a new spin on common theme... 

its one that is long overdue and keeps getting pushed back, they are making a great game but really should work on getting it out of private beta and get a realise out. If they have additional content after that patch or do an expansion pack. Kind of lostinterest signed up for the mailing list not expecting it before mid year at this rate.