The Covert Ops site has updated with a progress report:
We are just tidying up some final bits and pieces, and if things go smoothly, we should release Covert Ops shortly after EDGE 1.24 goes out.
We acknowledge that some people were less than impressed by the demo. We don't claim to (nor want to) please everybody. Some of the suggestions we received were reasonable, others impossible, some totally lame and others we simply ignored.
The focus of the update is on the actual levels. Covert Ops will contain 6-7 modified levels from the original Twilight Warriors TC, each having 16 possible enemy configurations. Because the authors are too busy with their regular jobs they won't be able to focus on more levels - the alternative seems to be a much delayed release date. So, they will release Covert Ops in the public domain along with design specs and files... this way people will be able to create their own levels for it.