Yes there will be an update for it :D
The first big thing in it will be Delphi 8 support (you will need D8 update 2 though). There will also be one change in the existing code: The IsPermaLink for a GUID will change from being a default of False to a default of True. This is just to make sure it is compatible with the RSS spec which defaults it to true.
I am also looking at doing 2 or 3 other things with it (such as a LoadFromHTTP method etc...)
The product is still looking for developers and a document writer, please visit the sourceforge job page (http://sourceforge.net/people/?group_id=78257) for more on that.