Starbound is an upcoming game undergoing active development by Chucklefish, an indie game company. It's expected to be released in 2013, but Chucklefish has stated that they will delay the launch if the game does not yet meet their standards for quality/completion.
Starbound relies heavily on procedural generation, as many enemies, weapons, and other features are generated on the fly.
Starbound begins with you, the Player, fleeing your homeworld just as it's destroyed by an unknown enemy. With nothing to guide it, your shuttle shoots into space without direction, becoming hopelessly lost in a sea of stars. As luck would have it, the space shuttle makes contact with an abandoned space station and an adventure begins that will take you hurtling across the universe, and hopefully finding a new homeworld.
Indie game company Chucklefish is responsible for the development of Starbound, led by Tiy. It has not yet been released, but recent estimates put the release date in early 2013. The game is available for preorder starting at $15. Starbound will be available on Windows, Mac, and Linux, but system requirements have not yet been finalized.