Mr: Thanks, I love open source projects I am a programer from way back, might look at the code and see if it can be improved to work on windows 7/Direct X 10 or even 11. I liked Volition's stuff I know they did one other game but what happened to them got swallowed up by Interplay or something?
So while the open source project does work on Win7, I believe they use OpenGl rather than DirectX so they can do cross-platform with Linux and Mac more easily. That said, they're always updating and putting out new stuff. The best bet to get involved is the hard-light forums.
Interplay was the publisher for Volition's work. Interplay itself went bankrupt, got bought over, gutted, bought over, etc... for almost a decade but they still own the IP for Freespace. Volition has been acquired by THQ, but they had control over and released the source code. Interplay has been trying to come back through redeveloping some of its classic IP, however a new Freespace game isn't on the list of current projects (last I checked). Volition is still around though (I think they do console work these days) and has said they would love to work on a Freespace 3. Given that Interplay is trying to license or develop older IP, it is not totally, just mostly, inconceivable that an official Freespace 3 project might happen.
That said, downloadable with the Freespace Source Code project Open installer there are a ton of user made mods set before and after the Freespace series. I've played the user-made mods Blue Planet: Age of Aquarius, and Blue Planet 2: War in Heaven (part one) which are set afterwards and I can testify that they are excellent. On the hard-light forums there are also a large number of total conversion mods. There are total conversion mods for BattleStar Galactica, Star Wars, Babylon 5, etc ... So in addition to a lot of engine work, there is also a lot of mod work.
Here's a neat youtube video showcasing the in-game graphics for Freespace Open:
http://www.youtube.com/watch?v=xhAR8rWPluQ