The series, intended for web streaming via StarTrek.com and consisting of a series of short (5-6 minutes) episodes, would've been set 150 years or so after the events of Star Trek: Nemesis. The Federation's still picking up the pieces after a long, costly war with the Romulans, so things aren't as cheery and whatnot as you might come to expect from televised Trek. CBS requested concept art and a few scripts for consideration, but then the big upheaval came, most of the people working at StarTrek.com were let go, and everyone's attention turned to J.J. Abrams and his "re-imagining" of the original Star Trek.
(Wonder how that turned out....?)
Though the TrekMovie.com article offered a few teasing glimpses at concept art and some background info on the main characters, there hasn't been much said about the series since late 2006. However, Doug Mirabello now has offered a more detailed look at the series concept, artwork, character bios, and even parts of the "pilot" script for your perusing pleasure:
Zero Room Productions - Star Trek: Final Frontier
There's even a commentary podcast available where they talk about the project. It's an interesting listen, if you're of a mind to check it out.
Sure, there are a few things I might do differently if I was the guy brainstorming this idea, but so what? This is a some fun stuff to check out. I love reading behind-the-scenes accounts of various film and TV productions, and I also enjoy looks at roads not taken, so this is a nice mash-up of those two notions. Even if nothing ever comes of the series, it's still a neat little collection of Star Trek lore that might've been.