Hi Aron,
Short version - if you're eager to look into this, we're eager to have composite keys in Django - it's probably one of the last features I can think of that was discussed for the 1.0 release but we bumped so that "we can add it for 1.1".
(ahem. :-)
Yes, there have been a lot of changes since Michal Petrucha (koniiik) last worked on his patch - most notably, migrations and the Meta refactor have landed. Both of these will have a big impact on any composite key design. However, there have also been a bunch of changes to the internals of ForeignKeys that will aid in the implementation of composite keys; the design of the meta refactor also kept the potential requirements of composite keys in mind.
Michal's github branch is probably still the best place to start - he's done a lot of work on this project, and at the very least should be able to guide you as to what is left to be done.
Best of luck!
Yours,
Russ Magee %-)