Well, that soon ended as the company ran into some serious financial problems that led to the game's hold status. Fast-forward a year, and the game was reborn with a new developer (TurnOut Ventures with OutBlaze)! It re-entered open beta status and looked to be on the road to recovery.
Well, the rollercoaster is back on the descent, according to the game's forums. It turns out Earth Eternal's development is once again put on hold until further notice. The servers are still online and the game is still playable, but the small development team at TurnOut has been relocated to other projects. So right now, it seems to be a completely free game with no cash shop.
We'll be sure to keep you up-to-date on any further news we hear.
[Thanks to Keith for the tip!]