It's great to see that the project is still going along. I haven't checked back here for at least half a year and didn't see the update last February until just now.
I'm pretty eager to see the new track rendering system. The screenshot released still shows SM1 track, textures, and trees (no 3D trees) so hopefully we'll see some new models/textures as time comes along. Looks like the water will still lack transparency despite breakthroughs in graphics technology over the years. I guess the worst thing that can happen is that the community will have to get together to create models/textures and other assets that'll really utilize the new engine but that probably won't be a concern.
That said, I'm still looking forward to SM2 and it's nice that the project has still been progressing over the years.