Granted, I'm only helping out with Beta Testing and some ability coding right now, but I can assure you that JTaylorPCS and the rest of the Mod Team are hard at work, and you'll be glad they're not pushing it out early when you play it.
They're working on all the small bugs that would together be infuriating if they weren't fixed, things like:
1. Making sure the tech trees actually let you upgrade all your race's weapons (vice accidentally leaving some ships' weapons non-upgradable),
2. Revising some grav well problems that had ships getting tied up and not jumping (endlessly infuriating when it happens),
3. Fixing freak input problems (wait, why does the Dom Enslaver do 2000 DPS? Isn't that more than a borg cube???) to make the game play well.
I think Eomega is still hard at work on the last few models judging by his posts, so there are a few things left to go in, but it's getting close.
Also, those of you who play solo like just_jim will be excited to hear that the AI in the new build plays outstandingly well (I may have mentioned that already), so single player is actually a lot of fun. If you plop down for your first game and set the AI enemies to "unfair," don't expect to win unless your name is STARTREKKER.