Few months has passed. The developer has made new build based on the 2.1.4.14 version. If you go to the xda developers thread you can see there are some issues still. (The bootloop is the most important one. I got into it once but was able to get out somehow...)

I flashed this yesterday and overall the device works much better/smoother and all the recent applications seems to install and work on it now.

The biggest issue is of course the bootloop but also the proximity sensor and camera video recording needs addressing too. In addition the camera flash is not synchronized with the shutter so flash photography is not working.