Apparently Microsoft made mention of a number of upcoming games at an International Games event in Las Vegas. Freelancer was one of the games that got brought up, and the Adrenaline Vault had this little piece on it:
Obviously, most of its hype. The only things of interest that I noticed were the release date (Fall) and the private persistent world servers, which sounds intriguing. Unfortunately, without knowing more, I really can't put it in the 'exciting' category. There's no indication that anything resembling a 'GM tool' will exist for Freelancer, and I would imagine that without that, the server would get stale after a while.
Slated for fall release, Freelancer, an epic adventure set in outer space, plunges players into a 3D universe filled with political intrigue, space combat, and an unknown alien menace. With its random missions, Freelancer allows players to choose the life of a bounty hunter, trader, pirate, or explorer earning the spoils and enemies that come with each experience. The open-ended gameplay gives users a choice between following a linear storyline or determining how their story will unfold. The multiplayer component lets friends fly missions or explore together on their own persistent world servers.