It seems this is turning into the summer of the 4X games, as this newest game seems to have flown under the radar until I saw it pop up on Steam and it causing me to go, 'Huh.' Here's a brief description I shamelessly copied from Steam due to laziness:
Legends of Pegasus takes you on an epic journey into space and mixes real-time and turn-based strategy. Expand your civilization by colonizing new planets, building factories, laboratories and shipyards, researching new technologies and designing new spaceships. Command your fleets in tactically challenging, visually astounding real-time battles!
Save mankind in a massive, 40 hour single player campaign! Fight multiplayer battles against up to seven opponents via internet or local area network! The spectacular 3D graphics don’t just bring life to marvelous planets, but also to the stunning spaceships you can freely design thanks to an intuitive ship editor.
4X space strategy: eXplore! eXpand! eXploit! eXterminate!
An unique mix of turn-based and real-time strategy gameplay
Stunning 3D graphics
Three unique races with lots of customization options
Hundreds of technologies to research in dynamic and extensive tech-trees
A living universe, filled with numerous non-player factions
An epic, 40 hour single player campaign
Multiplayer mode for up to 8 players
After looking at the trailer and its shameless references to that other action 4X space game (no, not Sword of the Stars II, the one that actually works), I came away somewhat impressed. The game seems like a mix of Sins of a Solar Empire and Sword of the Stars. As best as I can tell the battles appear to occur on a 2D plane, so that's somewhat unfortunate, but the maps look bigger than Sins and, in theory, the battles look more impressive with less of the static, 'I shoot you, now its your turn to shoot me' feel of Sins. It's probably too early to say that it'll be amazing, but this game might bare watching for those disappointed with Sword of the Stars II, don't see the need to spend 40 bucks on an expansion to Sins, and aren't all that impressed with cutscenes determining your battles in Endless Space.