Hmm...I'll believe it when I see it. It doesn't sound like its close to completion or that they have abandoned their goal of having the best looking game if it is ever released. The bar is going to be raised by HL2, Doom3, and STALKER to name a few. Are they just going to rework the content and/or rendering engine again and again and again?
At some point if you ever want to complete a software project, you need to finalize some things and just say "that's it. We aren't changing this anymore." Hiring more people sounds like a good idea but is something that usually doesn't work(to get things out on time). I'm not sure these guys have learned their lessons yet; just too amibitious for their own good. If this game ever comes out it better not be a pile of crap like Daikatana.