Yes and it is taking forever... They started it just a bit after BF2 came out.
well to be honest it's a pretty difficult task, with BF1942 the forgotten hope development team had it made, mostly they had to alter already existing models, or re-skin tanks and such.
In FH2, they are having to create everything from scratch, there is no WWII soldier that they can slightly alter, they have to turn USMC into British North African fighters, and they have to create all of their badass planes/tanks/jeeps/apc/submarines from scratch as well.
Also they have to completely change all of the voice commands, skin/code/create custom animations for their weapons(brilliantly done by the way). Here's a little video showing how badass their weapon animations are, and the sounds are spot on, the skins are to die for. It's worth the wait i think.
http://youtube.com/watch?v=ijv1BRKwNk0