The Legend of Grimrock Blog has word that the first release candidate is being evaluated for the upcoming dungeon crawler. Here's word on the current state of the project:

Oh, and what was it specifically that I meant by the game being “almost done”? Well, we’re no longer in beta, baby! On wednesday, we built the RC1, or release candidate 1, version of the game. This means that we “freeze” the development of the game (by stopping adding new features, basically) and start concentrating entirely on getting the game as stable as possible for the release. If something pops up that absolutely needs to be added to the game, it’s quite possible that we’ll have to wait until we do an update. Among the last things we improved on the game were: additional polishing of some of the GUI elements, save/load game dialog overhaul, some improved monster animations and miscellaneous level tweaks. I know the list of changes doesn’t look that impressive or sexy at this point but we needed to move carefully so we wouldn’t introduce any new bugs.