Yahoo! has the full gory details, but the long and the short of it is that since Bryan Singer can’t direct it (he’s busy with X-Men 2) Fox won’t do the pricey pilot
This is really disappointing, but if they want to wait and do it right, I suppose I won’t complain too loudly. Though with Nick Meyer’s name bandied about as the alternate director, I’m very hopeful. He directed Star Trek II and VI (Two of my personal favorites).