Yep, it looks as if it is finished.
FCTOE was originally canceled, with less than a month before Beta, and then picked up by Janes Combat Simulations.
However, Janes suffered a similar fate and was disbanded, it canceled FCTOE(which was renamed Attack Squadron) just before they were shut-down.
Then there was a rumor that an unknown publisher purchased the code for Attack Squadron, but that news story has faded out and looks like FCTOE will never be.
Very unfortunate, it look like a really good sim.
"Do not needlessly endanger your lives, until I give you the signal." Dwight D. Eisenhower