Its been five years in development hell, and been through one terminal disk crash. However, my remake of Rebelstar is now on the way back, though admittedly quite a way from the original source.
The old 2D version can still be downloaded from the above link. The main difference now, besides the will to finish the project, is that the playing area is now all in glorious openGL. Feel fear at my 3D modelling skills! There have also been numerous improvements to the editor. The main difference is that there will now be a large collection of pre-built components, so to create a new level will not require all the graphics etc. to be imported from scratch.
I can't currently give an ETA (It has been in production since late 1998 after all) but I'm thinking of August 2004.