Its vapour until it arrives. However they have been excellent with tons of pictures of progress on their website, and they haven't taken anyones money. So I feel pretty hopefull 
Well I guess as it's not a commercial product and just a hobby type deal, I can cut them some slack and not call it vapourware just yet.
They have taken their sweet time though haven't they and it now looks like the FPGA Arcade will steal most of their potential 'market'.
I do believe that they will eventually release something you can buy but it will probably be case of 'too little, too late', much like the X1000 I guess

Just my thoughts...