This mod has been over-hyped for so long. It's never had any releases and they somehow still attract people's attention when posting barely believable (or even newsworthy) things like "We have a closed private beta!"
In the hugely unlikely event that they actually release something, it'll be briefly popular (like all new mods are for a few weeks) and then die. If it manages to stay successful (hint: no mod other than CS is ever very successful), it'll only split a portion of the CS:S userbase away. Any success it does have will be from leeching off CS (both in name and in concept), and I'm sure Valve won't be too happy about that.
And part of the reason is this.
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