Remember that they are modifying the QIII Team Arena engine, not starting from scratch. That alone would cut a siggnificant amount off the development time.
Judging from what they had in the 2nd video, they've been working hard and doing an excellent job.
They'll make their deadline, and if they don't, we'll still have a quality product, which is what we really want.
=====Once I thought I was wrong, but I was mistaken=====