Visually, Wing Commander Arena is almost an unbelievably beautiful game to be an Xbox Live Arcade release. The 3D graphics are exquisitely detailed and have a crisp, bright quality to them that seems almost like cel-shading...
Still, weaving your ship between waves of fire from an enemy carrier while countering with your own attacks was impressively thrilling, as were dogfights with other players' ships. There appeared to be no voice acting or story segments, in deference to the game's purely multiplayer nature, but the Wing Commander feel was definitely there...
Clearly, the hope behind this project is a renaissance for the Wing Commander franchise despite the nearly 10 years it's been left to sit fallow. Arena's gameplay is solid, so there's no reason to doubt that it may be the game to bring back Wing Commander.