I find the timing of all this activity in the 6DOF genre to be too much for mere coincidence.
I don't believe that this will compete with Descent Underground or Sol Contingency (at least not initially) because they're focusing on single player.
Interesting that they've gone for a deformed cube approach to level design, just like Descent 1 and 2. They've got a "3d decal" thing for adding more detail and a "deformation tool" to create a round tunnel. Also interesting that they're going for the get keys and blow reactor gameplay of classic Descent. It doesn't get much more classic Descent than this.
TBH I think D:U should be different, as it takes place long before Descent in a different environment with people flying drones remotely in heavy industrial mining operations, as opposed to abandoned mines or secret military test sites with decaying walls, where all of the old equipment has been salvaged by the now sentient mechanoids, and all other memoirs of their enslavement.
Seems to me the map and enemy design looks less like Descent 1 and more like Luke's Entropy 2 set.