I Highly recommend the Freespace 2 Babylon 5 Total Conversion.
http://www.3dactionplanet.com/hlp/ho...ownloads.shtml
And since i'm such a Babylon 5 fan I would also recommend I Found Her, which is still in development and short, but simply excellent.
http://ifh.firstones.com/
And they're both free
As for actual new games that have just been released I'm not particularly aware of any
