Yep and it's pretty fun. And with the Unity Engine, the game looks amazing and feels much smoother and the potential to mod it will be even more amazing than Skyrim because Oblivion has more skill trees.
For weather and atmosphere, try True Storms and Enhanced Lights and FX - they completely transform the Commonwealth's mood. Add Darker Nights for more immersive lighting that makes your flashlight actually matter during exploration.
I honestly hope that whatever they are working on ends up being a success. I found it strange as well that a game would be in development for as long as 8 years and still had to be closed down.