I've been asked this question a few times:

Yeah, sure, we're still accepting people.

"Even though the goal is a small group?"

That's not so much the goal, as it is an expectation: players fade from RPs over time. With our expectation of a small group of people playing two to three or four characters, it just means losing players over time is already factored in. It's worked for us in other RPs, so we're hoping it'll work here, too.