Here's a couple of places where you can keep up with the current status of the project.
Here on PPCG:
http://forum.ppcgeeks.com/showthread.php?t=61457
Connect-UTB:
http://www.htc-android.com/viewtopic.php?f=5&t=320
They're making a lot of progress. While it is true CDMA does not yet work, a lot of other stuff does. And now that HTC has released the Hero's kernel source, I would imagine it will move forward even more.