The best case scenario is that the game gets done in 2007. Worst case, summer 2008. Don't hold your breath, in other words. However, that the game will be completed and released before summer 2008 is a fact.
I should stress once again that this is a type of platformer in which you can't shoot while jumping or ducking - the focus is on weapon tactics and upgrading your character - just so you won't expect the game to be something it's not. Simply put, Iji is to Contra what System Shock is to Doom. In-depth beta testing will assure the quality and balance of the game.
I'm basically writing this update for the few who are interested - I only know of about twenty people. :P
For coming this far to read this, here's a unique sneak peek (if my server's working):


