Spector's studio got acquired in 2007. How far along their game is dependent upon a number of factors, mainly if they used existing tech or built their game from scratch, the scope of the game, and so on. I'd wager it's at least at the mid-point of development.
Gotta say, Deus Ex is solid gold and Invisible War wasn't entirely Spector's fault, but I'm not optimistic about this game. Everything I know about using a publisher's flagship properties w/r/t game development lead me to suspect that Disney is going to have major creative control over the game, and I doubt they'll be giving a lot of leeway as far as what you can really actually do (at the end of the day, canon has to be upheld, as many D&D game developers have learned). The setting's sort of interesting, I guess? But I'm not interested in Kingdom Hearts-style straightforward fantasy epics. Which I suspect this game will invariably turn out to be.
Concept art looks interesting but then, it always does. I'll be interested in seeing how their Wii mechanics turn out. Sounds sort of like a gonzo Lemmings.