It was just announced, so don't expect it too soon. On the other hand, he's been pitching it for like 4 years, so I'd imagine that some of it is done already, but not anything that would have required funding
I have no idea about how much work had been done till he announced it but from what i've read i got the impression work is done on the gamedesign but not on the rest (src,gfx,sfx,...) and so i somehow doubt that there will be something released in the first half of 2008 but maybe i'm completely wrong on this one, a team already exists, middleware has been licenced as well as a team put together (or is this a one man show?) and he/they/T.H.E.M. are already developing at full steam. Who knows...?
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Soonish...?
Wikipedia used to say something about it coming out in the first half of 2008, but that's disappeared now.