Where it stands
I've been working on this project since August and it's been the major focus of my attention lately, as it's my graduation project. Since I (ideally) graduate in May, let's take a look at where it stands:
Presently, the game is at or about at the prototype/tech demo stage. It needs a bit more polishing up before we do some playtesting, but so far it's looking pretty good. The goal is to have the prototype ready by Christmas.
The protoype probably won't be publicly posted, but if you're interested in testing, feel free to drop me a line. You'll need a pretty decent computer to run it, since it uses real-time 3D graphics and I kind of went crazy with lighting effects.