Ok seeing as odium hasn't replied yet I'll tell you to the best of my knowledge...
They started a cvs depository about a month or so ago (which is a sourceforge.net page where you can grab pre-compiled and compiled builds). So the new release at this point is more like a late-alpha/beta I think. Engine-wise I think it's pretty much ready for release but there are a few bugs hindering still.
But also, 2 or so months back it was announced that they will accept community support in re-creating (which means re-lighting because of per-pixel lighting) the multiplayer maps. Then there's the need to re-texture it all, I think odium and some other guys from the community are doing that. It might be a slow process but it'll eventually get there.
I'm not exactly sure if they are going to wait before the mp maps are finished before an official release, or maybe it will happen before (without the maps).
Right now, you can go to their cvs page and grab a slightly older build that's compiled, and you can also compile yourself the freshest code available. It just won't have the new lighting and new textures. Doesn't really look so hot.