Well, the core of the component is functional!!!  There's absolutely nothing fancy in it yet (unless you consider the ability to run NATIVELY in both 1.0 and 1.5 with the same package fancy)...  It's caching pages on my testbed as we speak.  Here's some REALLY initial performance data with nothing but Sample data installed...

• Joomla 1.0.13
•         Average Uncached Time (without component) : 0.08 seconds
•         Average Cached Time (with component) : 0.04 seconds

• Joomla 1.5.0 RC1
•         Average Uncached Time : 0.13 seconds
•         Average Cached Time : 0.012 seconds

Things left to do

1. Everything
2. Build MANY modules (right now, the only modules built are the backends)
3. Build Administration section
4. Build installer
5. Beta Test