It was a serious question as I've heard very little past all the speculation when Linus joined about what the company was up to.
The Transmeta site gives no hint of their imminent demise (numerous news articles are not bashful about predicting this however). It seems their processors may find a significant niche in the dedicated circuit/device market though probably too early to tell. I have found numerous articles that share the pessimism provided in this thread. It's a sad story thus far.