According to tweets from the band, they have finished recording their debut album.
The following appeared on the band's twitter feed on Friday evening:
WeAreTheFallen
We are officially FINISHED recording the debut album.. There are still a few tracks being mixed, but the recording process is done !!
9:49 PM Dec 11th from web
WeAreTheFallen
We are so proud of the songs we've created and recorded, and can't WAIT for everyone to hear this. Album will be released in early 2010.
9:50 PM Dec 11th from webJust a bit later, co-produce/engineer Jay Baumgardner posted this photo of mixing the final song:

Also Carly added the following tweets on Saturday as she prepared to head back to San Diego:
CarlySmithson
One more light load tomoro and then its Bye Bye LA !! A year ago I wondered if I would leave this town with a smile and I am
7:45 PM Dec 12th from web
CarlySmithson
Thank you guys for all your support . Im in love with our record and it will be in your hands soon . We worked so hard and im very proud !!!
7:49 PM Dec 12th from webCategories: We Are The Fallen