The game currently has the development title "Geom Space". It combines some of my previously un-released space game concepts such as the physics engine, collapsible fixtures, state based AI (chase, orbit, run, strafe).
I am planning on having several arcade like game modes with an upgrade system. A "Free Build" mode that allows you to freely build ships and spawn enemies. A "Chameleon Mode" where you and the AI are given a set of blocks and you have to build a ship and battle. "Survival Mode" with waves and build/re-build sections in-between. This mode will also have a leader board. Also a mode that is called "Gladiator Mode" where you are put in a random ship and are pitted in a small arena with teams.
Every mode (but "free mode") will gain you credits in which you can spend on leveling up your equipment.
This might be a cool game to have an open world / sand box game. If I went that route I'd probably ask for some funding from the Kickstarter realm.
I'll probably record some game play and put a video up here so you can see my progress. I've only been working on this for 2 days now.