It is on hiatus right now. I am too busy and not motivated enough to continue work on it (due to iGMod and lack of an interest from the community in making skins for it). I will go back to working on it in late January (maybe sooner if I see that people are really interested in it and requesting features and such, but there seemed to be a significant lack of interest from the community for anything other than me making Sb with a completed iG skin they could just install and not have to configure themselves [and that interest faded too with iGMod]).
I have a "Preview 2" that was never released but sent to a few people (including you JIT). It works perfect for full-transparent & non-transparent, but semi-transparent images will not update the map underneath them unless they are re-drawn (by moving another window infront or by pressing a button that changes the skin [menu/fav/poi/etc.]). I need to use WS_EX_LAYERED to get that working right (which from seeing CF 1.5, might be too slow on VIA processors).
If anyone wants my latest copy (from about a month ago) PM me your e-mail and I will be happy to send it to you.
If you are interested in helping any way (Delphi code, Graphics, INI-editing) please PM me.