There's always two sides to the debate as to whether or not a hobbyist or indie should ever bother with such a task, but I am going for it. I feel like I could learn a lot in the success and failure. The end result would give me a piece of software that I could reuse for rapid development. Of course, I also have a game in mind with which to use the engine, if I didn't I wouldn't even bother.
I've dubbed it "Machina Ex Machinis" (MxM for short) or "The Machine from Machines" because Latin makes everything sound a lot higher on the coolness scale. Current features include the following:
-Completely modular Object Oriented design.
-Written in the C# language.
-Cross Platform (thanks to Mono and Tao, Windows version may use MDX).
-Primarily 2D engine, will contain support for 3D rendering features.
-Highly scaleable through a modular design to promote a longer shelf-life.
Right now I am unsure as to whether or not I plan on making it open-source. I most likely will. As you can see I have a lot of details ahead, so now I'm working on the planning and design side of things. Hopefully more frequent journal updates will follow.