The SWG Emulator project went into a stable alpha testing period in June, all the info is up at
www.swgemu.com.
There is a test server (Nova) and a play/stress test server (Basilisk)
Basilisk is subject to unscheduled downtime and there is the possibility of data loss, but the admin team has said that any partial/full wipe would be a last resort. When the code is ready to go live (undetermined when but many are figuring 1-2 years most likely) Basilisk will be wiped and turned into a play server.
CH, DE, BE, commando are not fully enabled. Jedi is not enabled at all. A lot of content is not in yet either like theme parks, the corvette, etc.
But, for those that really liked pre-cu SWG, it's a blast. It's also free/donations support actual expenses like keeping the server up. All you need is a legit set of install discs.