Yes, it's getting pretty well along. There is a new launcher and Arena Commander update that are Worthy. In fact, Arena Commander is free-to-play on Steam till the 19th of this month. Not sure but I think they're stress-testing out the new server farm that will handle downloads and the MMO itself.
Arena Commander itself is flyable and quite responsive. The whole thing has a way to go before show time but seems to be well on it's way.