The February Monthly Report on the Roberts Space Industries website has the latest from the various studios working on Star Citizen, Cloud Imperium's space combat game (thanks 88fingers). Their summary outlines what this covers, and also says the game's FPS module is nearing its public debut:

February is a short month, but it was a full one for Star Citizen’s development! As you read this, Arena Commander 1.1 is hitting the PTU, and we expect to make it available on the live server in the very near future. Once we pass that milestone, it’ll be time for the first public release of FPS… so stay tuned, exciting things are coming! But for everything you can play today, there’s a hundred other aspects of the game in other stages of development. Read on to find out how everything from the imminent FPS module to the Persistent Universe is shaping up!