Hi all --
To paraphrase Mark Twain: The rumors of Spam Karma's demise are greatly exaggerated.
Admittedly, it hasn't gotten a whole lotta love lately, but there have been some bug fixes and so forth made to Trunk in the last several months. I personally have been planning to pay it some good attention in the near future, and hopefully squish a few bugs (mostly interface) that are preventing a full release.
For example, a while back there was a large-ish patch to integrate SK into the main Admin Comments page, so there would not have to be a separate "Spam Karma" page to view karma. The integration was mostly done, but left a bit of UI ugliness that needs to be cleaned up -- scrolling down the Comments list causes the karma info to appear/disappear as you go., which makes everything jump around as you scroll.
A second fix needed is that when we changed everything from sk2_ to sk_ in code, we didn't code in a transition for existing installs to update to the new options name in the DB. Should be a relatively easy fix once I can spend a bit of time.
Those to me are the biggest blockers to a new release, and I hope to get them fixed. If you look at the issues at the Google Code page, you can see what else is known to need doing.
But overall, Spam Karma still works as well as it always has. I use it on all my sites and it blocks pretty much any spam I ever get. (Okay, I use it in tandem with Bad Behavior, but the two of them together block everything the bastards throw at me.) SK may have been a little quiet lately, but it's still alive and still improving.
In the future? Well, among other things I look forward to implementing a UI update so it better matches the look and feel of a modern WordPress install.
I should also note that none other than Matt Mullenweg commented positively about Spam Karma not to long ago, and suggested that it should be put in the official WP Extend system. NExt time it's ready for a release, I plan to do just that, and maintain it down the road in that system. That way people will get the automatic updates -- not to mention finding it in the first place. Of course, there are also third-party ways of implementing the WP plugin updates....
Let's get a release out the door, shall we? ;-)