There are a number of interviews with Raylight that shed some light on the Blue Roses 3D Engine for the Gameboy Advance. Blue Roses is the engine that will be used for Wing Commander Prophecy GBA. Here are some interesting bits from these interviews :
PGC: When do you believe that this technology will be available to the consumer in a final product?
RL: By the end of this year we'll see the first games based on this technology.
Lord Axl: What kind of games will you be launching through BlueRoses?
Massimiliano Di Monda: Certainly, PSX games will be our main target. Games like Metal Gear and Resident Evil will not be a big problem for us. BlueRoses, having been written nearly entirely in Assembler, is so versatile that allows for conversions which are definitely faithful to the original game.
GBA Dome: Star Giants is also some sort of 3D, what's the difference between the Star Giant engine and the 3D engine?
RL: At present (maybe past :)) stage Star Giant is 3D only internally, I mean no polygons at all, it's part of another technology of ours for GBA: the "3D sprite" one! But we are porting now o the 3rd dimension and have all the ships in polygonal models! Stay tuned!
GBA Dome: Why haven't you used the 3D engine for Star Giant?
RL: Simple, because when we started the development of Star Giant BlueRoses didn't exist for AGB... but now...!!!