The mod has a planned release date of 20th Dec, but I doubt it will happen. Even so, it should drop within the next 2-4 weeks either way, so will be worth the wait. There is around 4-8 maps all ready to drop as soon as the mod is available, and a few will be released by UGX themselves on the day, so things will pick up very soon.
As for the game mode... it looks like Dead Ops Arcade in 1st person. Looks like it could be very fast paced and a lot of fun too.