Yes! We are so close we can almost taste it.
He also posted a game-play video of the current development version:
He also recently stated that the new release will be fully FOSS, i.e. not only GPL source-code but also all artwork under a FOSS compatible creative-commons license (most likely CC-by-SA).
It’s just a pity that the new much improved GUI code from MegaGlest seems to be not yet ready for the release.
P.S.: Also check out this Tower Defense mod for MegaGlest.