TCE .50 is really going to happen parse... The game mod has been picked up by another gam developers called Xreal
http://xreal-project.net/ .
The head for the TCE previous up and until now left and created another game (name escapes me). But Team Terminator has been well... terminated. The team kinda split up due to real life issues and other things.
But Xreal is trying to pick up from where they left off. And this one will actually be a better looking (in terms of the Unreal3 engine) than the current one.
This upcoming TCE, which, will be called "Code43"
http://www.code43.net/ .
Is at current development as of now. I've had word from one of the team members that it is on development for an alpha release. Also, that the newer version will most likely need a decent video card ie: Nvidia Geforce 6100 series.
But again, .50 may or may not happen, I've no idear as to the state of TCE once Code43 goes into session, but all I know is that right now, there really isn't any development towards it except for third party development.
Here's the Code43 forums so you can ask questions, check in for updates, etc.
http://forum.code43.net/
Thanks you for your time
P.S: I disclaim any affiliation with Xreal and the Code43 project. I'm only interpreting information that I recieved towards the loyal gamers of TCE.