well alot of the modifications they wanted to do to the engine are prolly already done.. which should cut out a lot of the dev time (hell a game with a new engine can be done in 2 years.. they got the base already there)
if they have that video done in 3 months. then it looks promissing.
personally I expect summer or fall rather then spring.. I would prefer that anyway, spring would intefer with my Year 3 uni exams... I dont want to fail more exams due to a LEC game