Project Dead Sky is a homebrew RPG that is being created for the Dreamcast and PC. From this update I can see that these guys are pretty serious about making this a reality. The game itself seems to be an interesting mix of RPGs. I would be pleased if they used more gameplay elements from Chrono Trigger. In any case it will be great to have another RPG on the Dreamcast considering how there were only about a half dozen released on the Dreamcast in the US.
Another Update! This one is a bit dry and only interesting if you like programming (or Mountain Dew). Feel free to check out some of the other videos the team has made.