Check out the OpenMW 0.47.0 release video.
Also coming along is the editor, OpenMW-CS and the Example-Suite which you can use to mod Morrowind or even create your own game.
Work continues forward for 0.48 with the inclusion of Lua as OpenMW's main scripting language, which has already landed in mainline. Together with the Example-suite, it can be used for benchmarking.
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Work also continues on VR and multi-player support in close collaboration with TES3MP team.