Here's an old, old, old topic I made about this....
http://forum.uqm.stack.nl/index.php?topic=3656.0(I don't know why my post count reset. I'm guessing there was some forum database trouble at some point, I guess?)
And now an update...
The game industry is too busy making a billion first person shooters.
There are tons of indie projects, but nothing from a big company. A lot of them aren't complete yet.
So it seems like the demand is there, at least to some extent.
We're either not loud enough... or the industry just doesn't care?
Though some companies have sort of tried.... a little bit.... Lack of emphasis on exploration is often a big problem.
I'll list some games that are very similar, and some vaguely similar, to what we're all looking for....
Starfarer:
http://fractalsoftworks.com/I haven't tried it.... yet.... but it looks promising. Development seems pretty active.
It's not free though, but it may be well worthwhile.
Black Sky:
http://www.blackskygame.com/Development is slow, but it's still alive! Somewhat recent developer activity!
Noctis:
http://anynowhere.com/bb/layout/html/doors/local/frameset_noctis.htmlAmazing, unique game! I'm sure many people here have heard of it already.
... But it's kinda old. Graphics sort of have their own charm though.
The controls are a little odd... you get used to it though..
It could have used a little more.... things to look for, maybe more ruins and alien life (there's some, but not much),
...but oh well.
I loved Noctis for about two weeks or so, then I got bored.
Every planet I went to started to look the same. It may have millions of planets, but there's not much variation.
The developer planned to make a new version, but sadly, I'm pretty sure the project is dead.
It's an amazing game with the potential to be even more amazing. It's too bad there won't ever be a new version.
I would fall in love with a game like this, combined with stuff like Star Control has!
Transcendence:
http://neurohack.com/transcendence/index.htmlI'm not sure how big the universe is, or how much exploration you can do.
It looks very interesting though. I must try it sometime
Spaceway:
http://spaceway.1gb.ru/This is looking pretty nice, but more people need to know about it.
It does have a long way to go, but development seems fairly active, from what I can tell.
I've tried it, but I don't think I've taken advantage of all the features yet.
Space Engine:
http://en.spaceengine.org/Another amazing one! It's just... beautiful! Right now, it's just a simulator, but the developer plans to make it more game-like in the future.
Celestia:
http://www.shatters.net/celestia/Not really a game and not really intended to be one. Still nice though.
There are lots of mods to add interesting things.
Starflight 3:
http://www.starflight3.org/Maybe this will be real someday...
Infinity:
http://www.infinity-universe.com/Infinity/This one is supposed to be an MMO. I'm not usually a fan of MMOs, but it looks like a dream! Development has been slow, but it's definitely not a dead project.
Pioneer:
http://pioneerspacesim.net/I'm not sure I've tried this yet, but it looks nice. Definitely has lots of potential!
Vega Strike:
http://vegastrike.sourceforge.net/I tried this once, but my computer couldn't handle it well at the time. I need to try it again sometime.
Starflight: The Lost Colony:
https://sites.google.com/site/starflighttlc/I'm not sure what to say, but it could be good. I haven't tried it yet.
Prospector:
http://code.google.com/p/rlprospector/A roguelike. Get paid to discover new planets, life, and other stuff!
It's still in beta.
I must try this game sometime!
Space Rangers I and II:
http://en.wikipedia.org/wiki/Space_Rangers_%28video_game%29I played the first one. I was addicted to it. There aren't a ton of star systems though.
I don't know why I haven't played the second one yet. I have it.
(Beware of Starforce copy protection in some older copies of SR2. It's caused lots of trouble for people with legit disc versions of the game. I recommend getting the game from Steam, or somewhere else online...)
Spore:
http://www.spore.com/ftlDoes this count? I haven't played it yet, but I've heard it has space exploration at the end
Distant Worlds:
http://www.matrixgames.com/products/379/details/search.aspIt's a 4x game... but it has tens of thousands of planets to explore!
It seems kinda hard from what I've heard though. It sounds fun, but I'm afraid

X3:
http://www.egosoft.com/games/x3/info_en.phpI'm really not sure how much focus there is on exploration...
It looks kinda fun though!
Evochron Mercenary:
http://www.starwraith.com/evochronmercenary/Not sure how much focus there is on exploring itself, but the scenery is amazing!
Sins of a Solar Empire:
http://www.sinsofasolarempire.com/Seems very interesting, but I'm not sure how much exploration matters in this game.
It's really more of a strategy, battle, and expansion game. I've also heard it's kinda difficult.