The idea is to support all major features of the v2 API well enough to be useful in cities that implement the v2 API, and give implementers something fun to test with.
It is not under active development as of Feb 2012. We recommend looking at 1[other open-source GeoReport clients.]
Issue tracking is here: http://developer.open311.org
Work to be done can be seen in this list of tickets: http://developer.open311.org/report/9