Mr. Steve has a digitimes article from August 6 2004 about this new card specification on his high capacity storage page. I got curious so I found this update on its progress.
Nothing new or technical but seems its progressing and gaining momentum. (Besides I hate reading about something new and just around the corner never to know what happened to it years later (See Foveon thread))
This is the most recent update I could find on 5 minutes of googling.