The developers have been working on the project quite a bit and as of this post they're on revision 154 (the modaco thread lists only 103). Since then, it's gotten a bit more stable, and they've added working drivers for the LED, battery and Wi-Fi. This means you can actually use it for internet and applications! I've added a few games and they work fine. Apps aren't as easy to find as CABs for WinMo but they're out there. (hint: you have to enable 3rd party applications from the settings before they will run)
Sound still doesn't work and and program that tries to create one will crash and if the screen automatically shuts off, there's no way to get it back but to pinhole reset; also the only way to exit is pinhole reset. Battery life isn't very good either and the phone will run very hot (both most likely due to the same cause, I think the CPU is running at full speed all the time). Otherwise, it runs quite well and I can't wait to see where it goes.
More info is available on
http://andromnia.net (which I can't visit right now because OpenDNS can't find the site
) like how to download the latest source code, create the image and set up the phone/SD card to run. That part's a bit complicated and you need Linux to format the card to ext3. Still worth the effort IMO.