Yes ... there is lots of activity going on upon it ... see the following forum thread:
viewtopic.php?f=44&t=5713
As of right now, we have a solid beta build that has binaries for download. As far as we can tell the vast majority of function is present including networking (sockets and HTTP and WiFi) and most of GPIO (including SPI, I2C and standard GPIO). The complete JavaScript language functions already found in Espruino seem to work just fine with no issues.