How vaporware is it? Consider this quote from the developer's president, George Broussard:
What can I say? We're undeniably late and we know it. We've switched engines a couple of times, and we've started over a couple of times. We've made some mistakes, and we've learned from them. I'm just glad we're in a position to do those things, and to be able to make the game we want to make, instead of being rushed out the door to meet stock projections.
In the end all that matters is the quality of the game, so, lessons have been learned, and progress is being made, and we're working as quickly and quietly as we can. You're completely justified in calling us 'turtleware,' at the very least, but the release date is still 'when it's done.'
The source for that quote just happens to be from the 2002 Vaporware Awards.
A more recent quote, from the official site:
Things are together; we're in full production. We're basically just pulling all the pieces together and making the game out of it. There's a lot that's finished. All the guns are finished. Most of the creatures are finished. And as I said, we're just basically pulling it all together and trying to make it fun. We've kind of got all these disassociated elements that make up a game, and you put them together and things happen. And then you just tweak it and polish it until it's fun, and that's kind of the phase we're in now, just trying to make something that is really fun to play and interesting.
Ummm... "Most of the creatures are finished"?
Another take - all three Star Wars prequels were created and released since this game was announced.
Anyway, I'm looking forward to it. But I'm not holding my breath.