PR:ARMA2 HIGHLIGHTS REEL #1There's a lengthy progress report on the BI forums (thread will probably be moved) and also
on the PR:ARMA2 forums. It seems the project is growing some and they're now looking at a June/July first release.
There's a lot of great detail in the update, something that stood out for me is that they're now working with the developers of the TS3 plug-in where previously they'd expressed a desire to stick with Mumble for directional sound.

They also hope to make it possible to allow players to shoot from vehicles, if anyone can make that work then I think DeanosBeano (on their team) is probably the guy to do so.