A brief post on the North American forums for Chronicles of Spellborn gave an update of where Acclaim is with bringing the game to anxious hands. While it was filled with technical terms it shows they should at least be in closed beta soon if we read this correctly.
The game guard and server side implementation has been done, We have received the Acclaim version of the test client also.
We are in process of setting up the servers and testing the client for any bugs which need to fixed before the close beta release.
So keep your fingers crossed that we don't come across any critical issues.
Source: Spellborn Official forums