No its not yet all working. Basic stuff and defensive/offensive equations are already in place and you can actually play it.
Just things behind the scenes arent all implemented yet. And of course crafting and housing arent yet fully working. Crafting is in basic stages on local testing. Housing is about the same with a few bugs of warping to 0,0 sometimes etc.
But its coming along nicely. No idea when they will be releasing anything solid, might be a good year off still. But playing on their testserver is already fun if you liked pre-cu.