Short Version Snapshot
Every feature in the Counterparty protocol has been implemented/working for awhile now...if you run it with the command line. 
The BoottleXCP GUI is one alternative to avoid the command line.
The web wallet is still being tested. 
More details can be found from this post: https://bitcointalk.org/index.php?topic=395761.0

If anyone wants to give it a try and get some FREE XCP, please post your address in the following thread:
https://forums.counterparty.co/index.php/topic,118.0.html

Or just PM me there on the official Counterparty forum.

Here's what will happen:
 1. I will send you 100 CAKE.
 2. Once 10000 CAKE have been given away, I will issue an XCP dividend to all the CAKE shareholders.

Long Version
I also plan to try a CAKE dividend with Mastercoin someday.