With the onset of the summer, the pace of work on the modification has fallen dramatically. The developer says that: "The work on Paradise Lost virtually stopped. Time's enough only to improve the graphical component of the modification." Scavenger (lead developer) backed up his words with screenshots.
As he says, he has made the graphics quality of the second render pretty close to an old video of S.T.A.L.K.E.R. - Shadow of Chernobyl, 2004. If you have not seen the video, here's a part of it:
Well ... even though the development is slow, but it still is! And this is important. Also recently, Ruwar (development assistant) made the second beta version trailer. It's really atmospheric and has the spirit of the old GSC's S.T.A.L.K.E.R. trailers.