It would be hard to do the space combat with retaining its old feel however.
Agreed, they'd need to do it in the style of X-Wing/Tie Fighter for it to be acceptable in today's gaming context (which is ironic since those games don't exist anymore at a time where they'd probably be more popular than ever-- although Lucasarts is hinting at bringing them back finally)


I also think a modern SC game would have to have some Action/RPG elements ala Mass Effect as well.
The Bioware guys have always said they wanted to do space combat in Mass Effect so I'd expect Mass Effect 3 to be pretty close to what a Star Control game should be (as ME2 doesn't have space combat).