Hi Thomas,
The status is that the currency is working, and usable for the intended purpose, but there just doesn't seem to be enough interest in this to justify taking it on to mainnet in a full release.
To be brutal, it's unfinished and advertises itself as such. A lack of polish and inadequate documentation exacerbate the unfinished feel and together, all three form the primary cause of the low level of interest expressed. The latter issues can be remedied relatively easily, leaving just the resolution of the described implementation issues to be addressed, either in code or in documentation.
Unit tests and coverage reports would go some way towards countering the project's current overall ambience of mad scientist code dump.
Cheers
Graham