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Some beta pictures:
www.mortalonline.com/forums/27230-1-beta-picture.html
I personally as a casual beta tester can say that the game is promising but still needs a lot of work. I would say more then DarkFall in Feb 2009. For sake of the game I hope they will chose the moment of launch wisely. We don't need another paid beta launch like it was with DF.
Will SV make it in long run ? No idea, but for sake of bastardized lately MMORPG genre I truly hope so. The market needs inspiration and DF or MO definitly can show something different then mainstream, clone like MMOs.