They have a team of 16 people working on it now, all of whom are industry vetrans having all worked on AAA titles... it's not exactly some minor side-track project being worked on by a budget funded team.
It honestly hasn't been covered much since they originally released news either; everything currently shown is what was developed over a year period by the original team. Plus it's all running on top-end hardware using some established middleware, and software solutions.
Not saying it doesn't look impressive, but against some of the next-generation games that are comming out now; the graphics it has certainly are no longer looking particularly special.
It's a major issue when you release news early in project development and work with a smaller team than other developers... often the project is super-sceeded by other projects.
Still wouldn't mind seeing this when it's complete. Hopefully there's going to be a 360 version.
Intel Core 2 Duo E6400, 512MB DDR2 667MHz, ATi Radeon X1900 XT 256MB PCI-E, Windows Vista Business / XP Professional SP2