Coop mode would be orgasmtastic, but multiplayer is generally a bitch to add in? I mean, if the devs want to, then fantastic. The only problem is controls. Like Nanaki pointed out, 2 squads sharing 1 mothership would rock, but how'd you determine who controls the mothership? Assuming player one (the host) does, then how do we fix the mothership interface to show the other pilots? It'll be far easier to just let each player control their own mothership/fighters.

Then you run into the problem of pausing multiplayer games. Unless you let everyone pause everything at any time they wish. May not be a problem with friends, but might be a problem with internet games especially if one guy pauses and then gets disconnected for whatever reason, leaving the other player stuck in a frozen game. This also applies to all the various speed modifiers (2x, 4x, 8x). The only way I see it working for the majority of people is if you disable pausing and speed changing in multiplayer games.

Sorry, I don't see this working out well. It'll be fantastic in normal space sims where each player generally directly controls one ship and leaves the others to the AI (which other players can substitute for in multiplayer), but Star Wolves' design isn't the same.