The Microsoft Flight Simulator franchise came to an end with Flight Sim-X, as in January 2009 Microsoft closed Aces studios. Knowing that Flight Sim was quite a popular game, one might imagine that Microsoft is looking to get back in the business of flying games. Recently Microsoft did that with the announcement of Micorosft Flight. The official website http://www.microsoft.com/games/flight/, does not have much information, just a FAQ and a few videos.
We do know a little, it will be a Microsoft Live game with multi-player connectivity. One could speculate that it will be aimed at gamers rather than simmers, but Microsoft is promising it will still have all the sim functionality we desire. Best of all, the game has been built from the ground up with new code. This should help it to run more efficiently on todays hardware.
A release date has not yet been set, but I'll be keeping an eye out for that and the required hardware specs.