Ulteo: What happened?

Back on December 6, 2006, the Linux world was eagerly awaiting the first pre-release of Ulteo, a Kubuntu-based OS that would supposedly revolutionize how we computed. It came out, there were a few reviews, and the world kept spinning again. So here we are, almost a year later, and what's happened since then?
DistroWatch hasn't updated their page on Ulteo since June. It still has the package list from Ubuntu's now-outdated 6.06 LTS release (which will soon be replaced by the next version, also LTS). Ulteo's News page is effectively useless as well, pretty much having only announced calls for developers since the release. And there haven't been any major changes to the Wikipedia page since April. So what's going on? Will Ulteo ever see the light of day?
Enter the blog.
Gael Duval's blog says that they're still working on Ulteo's online desktop, an idea that's been in motion even before Fedora's online desktop (which just made its debut with version 8). If you want to check it out yourself, try this link. From the blog, it looks like it will have a lot of the features that Fedora's desktop does- easy use of programs over the Internet, easy online collaboration (a la Wiki), a fast proxy connection... And apparently the list is still growing.
Duval said that there would be 3 important technologies in Ulteo 1.0 (codename "Sirius"). One would be an online desktop, and another would be automatic maintenance and updating. And there's still one left, and it's going to be good:

developer with good knowledge in virtualization optimization (kernel level)

(from the "Wanted! (Alive)" section under "Devel")
Something to do with virtualization? Scary. Especially from a visionary like Duval- remember, this is the guy who founded Mandriva.
From Xubuntu 7.10,
The DistRogue.