We are pleased to announce the release of ReactOS 0.4.16! After a year and a half of development, we’re excited to showcase the improvements we’ve made between a new graphical installer; a unified bootcd and livecd image; video, audio, networking, and storage stack improvements; a new installation type; and third-party code syncs.
↫ The ReactOS Team on the ReactOS website
The amount of changes and improvements is quite staggering, honestly. They’ll always be chasing a moving target, sure, but if they manage to keep this rate up ReactOS might actually grow into something usable in its own right, full compatibility with Windows or not. Excellent progress.
Based on some YouTube videos, it appears to be getting good and stable enough for XP era gaming. Too bad Steam requires vista+ APIs to work now, otherwise you could try out your whole library.