Well, I just happened to check on the site to see if there was any new news, and there was! Recently Jarret had posted a long (yet brief) "what's going on now" type deal. He made mention on how they're all working towards actually getting a new episode out, and dealing with the loss of "T-Bag". Among other things, he talks about some of his early gaming history and how it was an inspiration for his current project.
In the note, he mentions two projects they are working on. One of them had no details given aside from it actually existing. The other on the other hand is going to be His (their?) interpretation on how BBS games should look like in the 21st century.
I for one am rather excited about this, and hope they do an excellent job, creating an excellent game.
For the entire post check out: http://www.purepwnage.com/index.php?GUID=86392