Features
* Complete. Implements the full range of Unreal graphics functionality such as reflective surfaces, detail textures, fog.
* Support for S3TC (i.e. compressed) textures, such as those from Unreal Tournament CD 2 or New Vision.
* Consistent. Looks good whether full screen or windowed, on whatever graphics card's being used. No washed out or dark graphics. Screenshots look like they do in-game.
* Niceties: supports various quality improvements such as anti aliasing and anisotropic filtering, see below.
* Always runs in 32 bit color mode, always has all game detail settings enabled.
* Fixes various graphics glitches present in other renderers (shimmering surfaces, etc.).
* Forces the game to run on one processor(core).
* Deus Ex, Unreal: instead of the 16 lowest, the 16 highest supported resolutions are shown in the video settings dialog.
* Inreased depth precision (before after).
* Automatically adjusts field of view to aspect ratio (example).
* Override textures: textures can be replaced by external .dds files not burdened by the engine's limitations. Artist info.
* Bump mapping: can be used when a normal map texture is provided.
* Parallax occusion mapping: either the standard detail textures or an external height map can be used for parallax occlusion mapping.
* For more information on the various settings, see below.

Supported games:
* Unreal (Gold). Tested with Unreal 226final and Steam version of Unreal Gold (226).
* Unreal Tournament. Tested with Steam version (436).
* Deus Ex. Tested with Steam version (1.112fm). The most well-tested of the games.
* Rune. Tested with Rune 1.07 and Halls of Valhalla 1.07 and 1.08.

i used older versions of it no problem. just launch with the deus ex launcher thingy and it worked for me. didn't check out this version yet.

There is no project, as it has ended centralized development, assuming one could call the previous work as being "in development."

Look at the source code. Last I knew, there are a few OpenGL calls in the library for extremely basic 3D operations. No shaders, no multitexturing, no vertex buffer, no index buffer, etc. You might get it to software render a custom coded "Hello World"-style basic 3D app using only a few rudimentary Direct3D calls.

Note the supposed DirectX comparison images mention nothing about being run on a Windows XP system.

The instructions are relying upon a Microsoft SDK that contains D3D binary libraries. However, the Direct3D 10 portion of DirectX 10 implements a new API approach and relies upon a driver model (WDDM) not even offered by the WinXP HAL. You can install the libraries, and perhaps even get them to return a version string if called. It is something else to actually run any appreciable level of code, especially with hardware acceleration.