There hasn't been an update for a while, but rest assured that the team have been working very hard on the mod. They have been working extremely hard to implement a very large feature that all of you will be pleased with when it is announced. The reason why there haven't been any updates is because to tell you what has been done involves revealing this feature prematurely.
I can say that the team have been trying to sync as many GTA elements as possible. This will mean that there will be fewer glitches than MTA:VC, which people used to exploit in order to gain an unfair advantage.
The big question on everyone's lips is "when will it be released?". No-one on the team knows the answer to this question. Any release dates could be complicated by real-life issues, last minute bugs, and certain features being harder to implement than expected. However, some people seem to be expecting a release in the next couple of weeks, which is highly unlikely.
To keep you occupied, here is a gameplay video made by Bishop, a QA team member.
http://files.mtasa.com/media/1.0/MTADM_QAvid.avi - mirror by So'lide