There are indications that there won't be an update to the notification system in iOS 5 (Apple had a recent job posting that indicated they were just now looking at updating the notifications), so it's almost hard to imagine what Apple has been working on if they don't update either the homescreen or the widget system. I'm afraid this guy's work will be wasted.
I follow that design studio fairly closely, and from what I can tell, the project's been abandoned anyways. They got a developer in, but after that there wasn't much progress.
