OK, you can officially take S.T.A.L.K.E.R.: Shadow of Chernobyl off the Vaporware list, the company is shipping out beta code to reviewers (myself included) as we speak.
The code is said to be beta of the single player side of the game. From the release:
One of the most highly anticipated PC games of 2007 will be arriving soon for you to preview - S.T.A.L.K.E.R.: Shadow of Chernobyl. This first person shooter title is set in an alternate future where Chernobyl has been devastated by a second nuclear disaster. You will assume the role of a S.T.A.L.K.E.R., a person living in the radiation zone who makes a living by collecting artifacts and selling them. S.T.A.L.K.E.R.: Shadow of Chernobyl is set for release in March 2007.The tempo of the action will shift quickly as you journey through over 30 square kilometers of the radioactive zone including the ghost town of Pripyat and the abandoned sarcophagus of the Chernobyl Nuclear Plant. Be forewarned! You will have to fight for survival against animals and flora that have been horribly mutated by radiation, as well as other S.T.A.L.K.E.R.s.
Judging by the screenshots, this looks like it might live up to at least some of its potential. I'm told I'll be getting code today. If it happens I'll try to get impressions up by early next week.

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