Dont expect the persistence universe MMO part to ever get some 'official 1.0 release' or something. All that does is invite a lot more scrutiny with high expectations that almost certainly cant be met in reviews and whatnot. It would also probably undercut their funding efforts as they get more money by keeping it an 'in development' project, selling non-existent ships and whatnot for lots of money and all. So you can consider Star Citizen already 'released' in that sense, as what currently exists is just gonna keep getting slowly(glacially) built on right up until more people snap out of the delusion and stop giving them money, at which point the studio will collapse and need to shrink heavily.
As for Squadron 42, it's embarrassing that we haven't even seen anything of it in a long time, but yes, I expect they'll release it at some point. I'm not sure how good it'll actually be, as I dont really get the impression this studio has any kind of nose for actual good game design.