Have you updated your server list? They changed the IP address a few days ago. The new IP address is: 126.96.36.199:14567
Also, you get a "failed to connect" if you try to connect while a new map is loading on the server. Their server seems to have a slower CPU, so map loading takes longer (2-3 minutes?). As a convenient way to see in real time when the server is available to join (along with other info such as current map, players, etc.) you can install HLSW (http://www.hlsw.org/hlsw/information/) and manually add the servers from Server List -> Multi Server Insert...
Or in BF1942's built-in server browser I think it shows 9999 ping while a map is loading (and unlike HLSW you have to refresh manually from the button, or by clicking once on the server).