I was just PM'ing with Tank on this myself...
Development is slow going at this time, a few personnel issues.
Right now, since Friday I placed Pete's stock GB porrt on my OG, as stock it does have a couple of issues because IMO there are not a bunch of major overhauls to it that one might expect from a ROM (the object was to stay stock...) but it is totally GB, and small issues not withstanding, it tells me how well the OG will FLY when on a GB based, modded ROM like what Sapphire could be.
CM7 I'm told is stable right now and works well too, I may try it this coming weekend.
I have my current Sapphire on standby, and I do love it, the temptation to try Gb itself is what led me off this weekend.
Will look at Gimpsource this week as well since someone brought it up.
The ROM is not officially dead, it will just be awhile ... but was it any different when it was just cvpcs?