There's a new version of FpseCE out since like 2 days ago

. No really big new features, but a lot of fixes and stuff compared to the bit-bigger-0.093-release

. Also, qEMU is also ported (never tried it though), and that 3D shoot 'em up game is also in development. No HL2-like releases or anything, but it's something.
Speaking of HL2, did you guys try out Splinter Cell 3 (single player demo) yet? OMG those graphics surpass HL2 in some ways! it's really good looking on my system

.