The official response is that it will be done when it's done.
It is a fan-based team of modders, many of whom have just emerged blinking into the light from their finals. They have produced many fixes for the games' more annoying bugs (temporarily available from this post
here until they have completed the move to a new web host).
They are restoring the HK Factory, the confrontation between HK-47, Goto and the Remote on Malachor, the fight between Atton/Disciple or Handmaiden/Visas on the surface of Malachor, the confrontation between the party members and Kreia at Malachor, the encounter between Atton and Sion, Atton's
possible death-bed scene and declaration of love for a female PC, the cut scene where Tobin brings Nihilus to Telos, a
controllable fight between handmaiden and the handmaiden sisters if the PC is male, a cut scene between the sisters to explain the empty academy if female, numerous cut scenes aboard the Ebon Hawk, upgrades to HK-47 (including the missing armour and the droid assassin rifle), the Genoharidan quest on Nar Shaddaa, the closed areas on Nar Shaddaa and Malachor, and much, much more...
* EDIT * Forgot to include that they are also fixing sequencing issues with the Vogga the Hut quests, and the redemption quest's broken triggers *
What they aren't restoring is material without adequate VO/maps/gameplay notes to reconstruct. What this means is that the restoration will not include Atris as Darth Traya, and the droid planet M4-78 which is a very underdeveloped map (and was removed from the PC game disks) However, they have said they will look at this again once the mod is complete if it is feasible to do.
It is a huge undertaking, and while much has already been done, there is much left to do. More detail about release dates will be given when they are confident that they will be able to meet them, and not before. They are very concious of the reactions to delays in the patches from Obsidian and are anxious not to run into the same problems...