This is 20,000 Leagues Above the Clouds, an upcoming indie game that looks like Sid Meier's Pirates! in the sky, and if you thought of Skies of Arcadia, rest assured you're not alone.
It looks incredible. Check out the teaser trailer:
A three-person team of Swedish indie developers is working on 20,000 Leagues,, which will be released for PC and Mac. No word on price or release date yet, but you can sign up for more information (and a beta) here.
They have also released a more in-depth video to talk about their studio: