I just got off the phone with Scott Wegener, the Executive Producer for Beowulf: Prince of the Geats, the all-volunteer Beowulf film to benefit the American Cancer Society (not to be confused with the Zemeckis film coming out next month). Regular Wordhoarders might recognize Jadis, sometime contributer of comments, as Helldam (Grendel's Mother), played by Deborah Smith Ford.
According to Wegener, the FX editing is going very well, but the process is taking longer than planned, so it will probably not be until the end of this year/beginning of next before we get a chance to see it. The plan at the moment is to sell it to PBS, which is where the ACS proceeds will come from.
I'll try to keep Wordhoarders up-to-date as we get more information.