We've migrated our sources to our SF Subversion repository. More information, and a public demo site, should be coming in the next few weeks, but at least the source is here now - making SMV a real, non-vapor project.
The SMV Alpha should be coming soon. We have a prototype running in-house; we just have some legal issues to straighten out before opening the code. In the meantime, we hope to get screenshots and other preview information up.