Shark was promised ages ago ('99?) and was orignally going to work with OS3.x and have WarpOS compatibility and a 68k emulation courtesy of H&P! But then OS4.0 was announced...
So I think the actual SharkPPC hardware is finished and working (after all, they've had four years, and its supposedly based on proven working Mac PCI processor card design so there wasnt much real R&D work to do)
Its just a matter of whether OS4 will run on it. and for that we have to ask Hyperion (but Hyperion say they first need a SharkPPC from Elbox) so nobody seems to know although Elbox is adament that OS4 will run on the Shark with little or no extra work from Hyperion.