You should take a look at Pirates of New Horizons. It's not a new Skies of Arcadia game, but since you probably won't ever get one of those, this might be as good as it gets!

It's an indie action adventure by Exit Strategy Entertainment, and while the main character looks a little "floaty", the art and design in this game wouldn't look out of place in a more professional title.

The ultimate aim of the dev team is to release this as a retail title, but a playable demo should be up on the site soon.

[Pirates Of New Horizons, via IndieGames]