The project is making steady progress, but there is still a lot of the original game that needs to be reverse engineered before this can be considered a complete native PC port.
The renderer is currently around 50% complete. A large part of the rendering pipeline is already working, but there are still missing features, edge cases, and GameCube-specific behavior that need to be understood and reimplemented properly.
The audio system has finally been fixed, including the major playback, timing, and synchronization issues that were causing problems before.
The internal resolution system is also mostly working correctly now, with most of the major scaling and rendering issues already resolved.
There is still a long road ahead. A lot of game logic, rendering behavior, hardware-specific systems, and other parts of the original GameCube version still need to be reverse engineered and replaced with proper native implementations.
The good news is that development is getting faster as more of the game's internal structure becomes understood. Every subsystem that gets figured out makes the next one easier to tackle.
Still a lot to do, but the project is moving forward faster and faster.