They've been talking about a lot of this stuff for a looong time... they've even shown/demoed certain things via fan CD-ROMs, so it's not like they're not doing anything, but progress has been so slow that I don't really keep active tabs on 'em anymore.
I imagine they're specifically making a 32X version as a tie-in to the GF1 Neptune, an upcoming MD+32X FGPA console being produced by a Brazilian company that's touting its own online store and promising a stream of exclusive and/or Neptune-enhanced releases. Between their MD port and whatever Saturn code might still be lying around, it probably wouldn't be too hard to kludge together, either.
) code a year or two back? So aside from being a super ambitious slate they also kind of had to start over at one point.