Well you see noob island does not require a lot of coding. Instead its more about creating (level design) a decently looking island and balancing it's features.
All of this is however made in an old game engine with a very slow work flow compared what the new engine offers.
If you ask me I believe that SV already has an alpha done. They are just trying to create a unique environment and slowly transfering all the features of MO. My eta for a beta would be about one year from now but could also be earlier.
That being said I would love to see a new update from Henrik. It's important to keep the community updatedeven though I believe that the new MO will market itself completely on its own if it's done right.
However I do know what's possible with the UE4. I alone am able to create a basic alpha of MO (much like it was back in block a-b) in less than 2 months.
Pay me 400 bucks and I'll make it live on twitch for you personally, just for the heck of it. Your own little Mortal Online with 64 players, plenty of monsters and dungeons and a big living world (meaning real wild life, town life and so on)
Will it be buggy? A bit. But don't expect advanced systems like the crafting you see in MO or breeding. You can how ever expect everything else and a much better PvE experience and world design with lush forests etc etc. I'll add minable surface on top of it as well so you can dig your own caves/mines.