StatusNet is also not vaporware. Furthermore, it's also open source and federated rather than being yet another proprietary walled garden run by a corporation.
The thing with projects/apps/sites is that there's a threshold of time before it's considered passe. It's not logical and we in turn waste a lot of time and resources reinventing the wheel but that's the truth of the matter.
I can't shake the feeling that this initiative suffers from the worst of both worlds. It's not entirely open AND it's a paid service.