Luckily it's still alive.
Jurgen chimed in on the German forums last month:
proxy (resized).jpgTimeshock is still being worked on every week and progress is steadily being made. We want the prototype to be finished as much as you do
It's a labor of love for us that we work on religiously in our spare time. Quality takes time!
Here's a teaser photo we shared in response to a similar question on Facebook last week