Actually, it isn't exactly a hoax but an incredible failure of a modding attempt with possible plagiarism. The currently available download has brought up virus alerts with many people but I've also seen people who apparently downloaded it, installed it without problems and played it. There were also some technical explanations of the virus alerts, but I can't say I understood any of it.
So, reportedly, the mod actually has content that mimics the movie scenes in five (5) SP maps, but near-everything in the mod -models, graphics, maps etc., ie. the game content- belongs to numerous authors in the modding community. There is also a credits page on the project website where either a full or a partial list of all original authors are credited.
From the posts I've read, installing and running the mod is such a hassle that, compared to the reportedly exciting game experience which lasts only 5 minutes, it's absolutely not worth it. Again, according to people who has played the mod, there is original movie footage from various scenes from the movies and they are encoded so badly, they take up unreasonably large amounts of space and with a shitty quality. People also say that the whole mod is packaged as one .exe file, which obviously adds to the suspicions and rightly so, and the whole thing has a terrible compression ratio.
The "hoax" part kicks in with the guy's incredibly snobbish and arrogant stupid attitude and inability to maintain a healthy and critical communication with others. I've read his own posts on related threads in unrelated forums and have seen that he literally can not stand any critical comment. Everyone obviously has to praise his work and if one isn't doing that, (s)he is either jealous of his work, or (s)he is deliberately trying to undermine his efforts.
He also claims that he has permission for every other third party content from their respective authors. Now, I haven't seen any "this motherfucker has stolen my work!" type of messages myself from an actual content author on teh interwebz so far (I didn't look that hard to find one, though) and considering the amount of work he used, I guess he may indeed have permission from authors (imagining that I'd easily stumble upon at least one author complaining about that), though there is confusion over the donations and how the whole thing was/is promoted. However, what he has working SO hard (as he often puts it, being a one-man "team") to create in 5 years seems to be an insignificant mish-mash of 3rd party content. However, if you're to listen to the guy, this is only the "part 1" of the mod.
There is some more shit from him and from people who has played the mod that can explain some other stuff, but I just don't care to go into further detail.
Overall, I think it's a hoax in the way it created expectations and failed to deliver. However, it actually exists and reportedly, what was seen in videos weren't fake or so I'm told. So all I can see is the self-inflicted drudgery of a snobbish little control-freak with self-images of grandeur. He probably worships what he has put together, borrowing from other people.
Personally I wouldn't like to have anything to do with him or his mish-mash of others' mods.
That said, I'm downloading the huge trailer (800 mb) and hopefully it won't give me any warnings from my firewall and AV software. So if it looks that fucking wonderful as everyone out there puts it, I may give it a try.. in a virtual Windows XP, just in case it does have trojans and the like.