A very amitious project! Are you working on it alone? I love space shooters as well, although I'm generally too lazy to actually get my joystick to play...
Writing your own physics simulation seems overly complicated, why did you choose to write your own rather than to use for example JOODE?
I am working alone. There's another guy listed as a developer on the project, but only because he used to be in charge of the website (good friend of mine in RL). I've posted through the help wanted system on sourceforge.net more than once, but never got a response.
I would love to have help with the project. It would likely take me a bit to adjust, however (setting up CVS, communicating with other developers, setting up and assigning tasks, etc.); I've never really worked with others on a project for all that long. That's probably due to my insistence on doing things differently (people don't usually believe what I say is possible until I've built it).
My guess is that most people look at my projects and go, "WTF?"
Case in point: I built a unix-like system in Java (
http://jinx00.sourceforge.net), though I abandoned it in favor of this project (this one is more satisfying, as I'm not slamming my head against the limits of Java every five minutes).
Another example is my 3D modeler (part of this project). I built it for programmers instead of artists. You build models using Java source code, which when run produces the model.
Like I said, I do things differently. Different is good, eh?

To be honest, I wanted to write my own physics engine so I could learn how it's done. I also don't like the style in which the existing engines were programmed. I mean no offense to those who wrote them, I just don't like them (granted, I haven't looked at JOODE). This is simply another in a long line of re-inventions of the wheel, because I didn't like the wheels that were available.
This also isn't my first physics engine, but it is the most capable so far. Once I have the rotational bits working and a few more collision detectors, it will fill my needs nicely. Everything else (more forces and pretty eye candy) is just icing on the cake.