Hi MrCaracal
You're right to be cautious, and that's absolutely fair.
Insofar as coding goes, We have some basic items, additional stone types implemented and textured. A language-based chat plugin. Alpacas are implemented (The initial point of them was to prove that the planned slaughtering function would/could work). We have basic models for each race: Dwarf, Human, Kobold, Elf and goblin (non-player race) and a few other small things like world barriers that allow us to set up events based stuff.
The thing we've mostly been focussing on is working out the components of Dwarf Fortress: Itemizing everything, working out what entities belong in what biomes, getting schematics for trees, mushrooms. Working out a method of world-stitching so we can have proper cavern layers and a magma sea. A lot of planning. The team consists of, at present 3 programmers (with one new one we've just recruited joining us soon), a texture artist, the composer who works through me on a contractual basis, and my staff from the server.
The way we've been working is to divide the workload and create databases. We're now at a point where we want to launch into production based off of the plans and consultation between myself and one other person who have done the majority of the design work. We've also been contacting Toady about questions of fluff, etc to shape the mechanical needs of each race.
In short, as I said, we're launching into full production soon, but we have one of the programmers dealing with real-life issues. I'm acquiring new staff to hopefully keep the project moving and bring a new perspective.
If you're still interested, please feel free to contact me on email. We can skype to discuss any further concerns you have, or I can tour you of the server we currently run.
Thanks for the post!