LOFT posted an update on the Rise of Flight blog letting us all know they're still around!
He write about his role in the project, as well as the continuing work on the technical and graphic aspects of the game:
Work on game objects is continued, a model of damage to buildings is setting up, texture rail and ground transportation, models and cockpit are drawing. Refactoring of FX effects is going, thanks to the efforts of programmers, artists were able to make them more interesting. . Much work is being done on the network game. There has already begun testing, but errors are still a lot and to say something specific is early. Import GUI in the project is begun, work on the generator of missions for "the Open-cast mine" mode is going at the full speed, is trained in AI.