I'm not planning to stop working on this project, but I don't think it will be ever replaced, because it's different and people don't play this version (but I don't care). Right now, the single player works, only few events missing. Additionally, there are some features that are not present in the original game (ledge climb, shaders, normal mapping, easier modification, multi-platform support, ...).
I'm still working on the editor, but I don't know when it will be released...