Sovereign Press will release the pen-and-paper Battlestar Galactica RPG in 2007, with "fast play" preview rules available in Fall 2006, according to ICv2. It will be based on Season 1 of the reimagined SCI-FI Channel series, and be based on the same ruleset as Sovereign's Serenity RPG. It'll retail for $39.99.
Overall, I think this is a good thing -- there's plenty of depth to the series, and plenty of opportunities for political, military and Cylon intrigue throughout the fleet. The gut instinct is to run something based off Galactica, but I think a more interesting campaign could involve political squabbles -- and an eventual run for office -- on one of the smaller ships.
As far as Sovereign Press producing the game, well, I am a bit apprehensive. The Serenity game has gotten rave reviews from the folks who've played it, but the notorious lack of a character sheet -- which took something like six months to finally appear online -- coupled with holes in the combat system and hte lack of an index, does make me a bit nervous. That said, they've got the experience of Serenity now, so hopefully they won't make the self-same mistakes.