We will probably have this before Bloodlines makes it to GOG - Enjoy.
Teaser Video
Teaser Video 2
Wiki

I sort of don't believe they'll pull it off. There's quite a few maps finished, however mapping is the least important part of Bloodlines

And if they manage to almost finish this, then the "Activision’s stormtroopers" will come in and cease it.

Would they, necessarily?
From the wiki:
"We are releasing this as public domain. All source code for any tools our team creates is freely available and we will never charge anything for what we release.
Image:note.png Note: You will of course need to own the original game - most of the game content is converted from the original content using tools we've written. If you don't have the original game, this project is useless to you."
So, it's not like these would-be developers are making a full game, here. It's more like an extremely overdone patch. Activision wouldn't lose any money; on the contrary, it might encourage new people to buy the game. Seems like shutting this project down when it costs them nothing and might bring in more profit would be a bad business move.

Oh cool, so it's actually going to use original voice-overs, and other non-graphical assets? Now I have much more trust in the project.

The complexity - and subsequently the problems with - Bloodlines was never with the environments. It's nice that they're being updated. But that unto itself won't really be enough. They do mention a comprehensive bug fix on top of this. But it took the unofficial patch team a long time to even get to where they did. At the very least this Revival is likely to be a long time coming.

I haven't got the game yet but I'm looking forward to this. I hope everything goes somethly for them.

Well if it requires the original game then no problem, but if didn't then of course Acti would come in (like recreating the entire game as a mod, without requiring the base game).
I've seen videos of this mod before, but never got to read about it.
Yep, if it's (mostly) a facelift then why all the buzz?
These Bloodlines patches and mods teams should unite and make the damn thing for once...

That's the most unrealistic thing I've ever seen. There's no such thing as a convenience store with floors that shiny and clean!

Aren't the already released unofficial patches and restorations enough? I mean, I love the game too but there comes a time... or some such thing.
I plan to play through it again with the latest True Patch or whatever soon, the one just released a week or so ago.

It might have just opened for the first time, give it 10 minutes and it'll be filthy and sticky
Are these teaser vids just showing things they plan to change? I can't say I notivced any difference between those vids and the main game

And in the World of Darkness, no less! The setting is not called that because it's polished!
Actually, the floors would look like that if they've only just been cleaned and waxed moments before. However, that does beg the question "Who cleans up their store that thoroughly in the middle of the night?"

any shop open 24h? when to clean it? when it is busy or when there are practically no customers aka around 3am?
bugs were already fixed in bloodlines... long time ago. this mod only brings graphics up to date. so navagon not sure what you are complaining about.

I completed the game with the full community patch and no, not all the bugs were fixed.

Well if I follow their description, I don't think there will be that much different in the visuals alone. They're just moving from the version of Source that the original game used (which if I remember correctly actually came out before HL2), to a later/latest version of Source. I didn't get the idea they were retexturing things or things like that.
I really hope they pull it off. It's been enough years since my only playthrough, as a Malkavian, that I'll be able to go back and experience the game like new.