Sorry for the long delay in responding to posts, like a lot of people this time of year I've been sitting examinations!
Our aim is to of course, result in a game with the same features the past shenmue games had, with suitable improvements to those features and our own additional ones.
Thank you for the link to DevMaster.net, I've added the page to my bookmarks so that I can read it along with the other materials I've PDF'd for reading after my exams.
I've managed to get a few programmer onboard from my university, if anyone else wishes to join the team please don't hesitate to PM me your Live Messenger address for instant messaging.
I will be setting up some sort of site for the development of the game, most likely to start off with just a simple blog for posting updates.