This game should be released pretty darn soon. ngmoco said that it would be released between Dr. Awesome and Rolando, and seeing as Dr. Awesome came out last week and Rolando is supposed to come out this Friday, on the 12th, I would expect Dropship within the next day or so.
ngmoco also said something about this and Dr. Awesome being "casual" games or something, so they'll price it appropriately. I take this to mean that Dropship will cost around $2, like Dr. Awesome.
There's a demonstration video of Dropship floating around somewhere - I think it's somewhere on Touch Arcade. It's kind of hard to gather what the game is about from just that, but it looks to be a sort of 3D space-flier game that has something to do with saving people. Yeah.