Looks like we're almost there. Snipe34 just handed out KF3 beta to his beta tester (and yours truly is one of them). Downloaded it. It comes in three parts. And installed it using same directory, KFMod20 (and renamed the older version - 2.52 as KFMod20_Original). Clicked on the KF icon and started playing the game. First off, the thing that the player sees is the revamped main menu. Different background and menu selections.
Also, check out some images of the soon-to-be-released beta - click here.