Well, this page is due for an update for an update I reckon, so here goes:
After 1.2 release, the team has been working full out on next gen TTR, which will be for UT2004. This means that UT development is put on ice, in favor of the new and better engine. We are currently using UT2003 engine for development, and it's progressing well, as you can see if you check out the many images in the gallery.
UT2004 version here: Moddb.com