I'm no good at explaining things, so just watch the video (gameplay starts at 1:30). It's recorded in fraps at 30FPS but the game can run well into 120FPS. It's an old-school style FPS. The ironsights [u]do not change one's accuracy[/u] and are only for the pistol and MP40 in place of an altfire.
I'm personally really exited for this as it's a modern game with old-school mechanics so I won't necesarrily fight a vetran of 100% of the time.
They are aiming for a summer release on Steam, GoG, and the Apogee store.