Considering the game was supposed to have been released already, but was delayed due to feedback from the first alpha, I'd bet they are much farther ahead than what they've shown so far. Just because there wasn't much content in the alphas doesn't mean that all that extra stuff isn't done. It just means they weren't testing that stuff. The alpha was just meant to be a test of the game's basics.
Didn't they say they would announce details of the closed beta this month? If so, I'd guess closed beta towards the end of this month or early April, followed by an open beta/free sample period, and then going live.
People seemed happy with the second beta, so hopefully it's just a matter of putting all the bits together and server stress testing.
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