Some pieces of news can be found at:
http://www.afterwarp.com/forum/showthread.php?t=70
http://www.afterwarp.com/forum/showthread.php?t=71

What we have actually finished in AsphyrePro (in addition to everthing that already has Asphyre 1.5.x):
1) 3D billboarding (show explosions, clouds, dust and smoke in 3D)
2) 3D 'facing' (show trees, grass, fire and other stuff in 3D... very similar to grass-technique used in UT2004)
3) 3D static meshes (drawing 3D models)
4) Lights & Cameras

What's missing & under development now:
1) Fog
2) Landscapes
3) 3D particle systems (work like 2D particles, but in 3D using Billboards)
4) Spherical mapping (for skies, etc.)
5) Multitexturing
6) Glows & lens

Currently our work is focused on 3D landscapes & multitexturing technique...

P.S. In case you still don't know, official Asphyre pages are:
http://www.afterwarp.com/index.php?section=2
http://turbo.gamedev.net/asphyre.asp