It would certainly be more productive imo to have at least an occasional status update posted somewhere. MorphOS and Pegasos is a great combination but people are naturally going to get a little frustrated when there is little communication or information being posted.
However, some parts of MorphOS 1.5 have been shown at various events recently which does demonstrate that progress is being made. (a lot of nice things actually) The smaller 1.4.2 update (plus new AHI and Poseidon) was appreciated and I would personally like to see more updates of this nature happening while waiting for the next major release. :)