The Star Wars: Bloodlines project has been restarted. It's not quite back to the full speed ahead momentum it had a few months ago, but the pace is quickening.
Episode 2 has been finished except for a few minor changes and some more testing. Maps for episode 3 are done, but the new actor types have not yet been scripted.
As for minimum requirements, one of our test boxes is a Windows 95 machine with a Pentium I and 48MB RAM and it gets around 30-40 FPS and is very playable. Modern machines get around 200-300 FPS.