News of a team working on completing a build of 1.5 is at least a month old, but I guess it hasn't been posted on GAF.
I read about all this on another forum. It had a lot of interesting info about the history of 1.5, and the numerous hoaxes that people have pulled regarding having a leaked build. This new stuff is definitely real, and the team is working to make 1.5 playable, as well as translate it.
It's pretty exciting stuff, even if the game itself turns out to be lackluster. To think, after all these years, we might finally get a chance to play 1.5, despite Capcom's best efforts to keep us in the dark about it.
It makes you wonder, what if someday the old RE4 stuff gets leaked and someone takes on a similar project to make that playable? Of course, it's been known that 1.5 was pretty close to completion, and the same probably isn't true of "RE 3.5," but who knows for sure but Capcom?