Well, a few of us had a feeling something would happen last night so we stayed up and during one of many refresh clicks, sure enough there it was.
So far the work is impressive and there are some really cool things that have been added. The snakeyes are cool, the Flack is cool, the new flight models are cool (the Phantom feels like a big lumbering beast of a jet now), the new graphics engine works really well and I can finally play SF on my Radeon and its really smooth, Multiplayer seems to be stable (no CTDs yet) but still some lag issues (might be user error as well).
All in all the game killers have been squashed pretty much along with some cool new stuff added in. SF still needs a good mission builder IMO and the ability to use custom missions in multiplayer. Also the scenery could use a little more life to it, maybe some dynamic stuff like vehicles on the roads, boats in the water, city lights, maybe some clouds, etc but I guess thats easy stuff for the mod people to add