I started developing the software in quarter one of this year and it's progressed slowly but surely since then with the help of Garrett and Simon. The software is not a conversion of vBulletin by any stretch of the means. The only similar attribute is the interface, and even that is bound to change. Of course many of the features will be the same, as is the case with all bulletin board systems. The effort is to provide these (and other) communities with software that feels somewhat like vBulletin, to ease the transition between the two, yet offer a faster, more secure and more scalable solution that runs on the .NET platform (this includes Mono, although that is not the focus).
The most current release (WCP20030921170000) is now running at the following location: http://www.elitevb.com/forums/. Keep in mind the software is still in its pre-alpha stage, so don't expect too much feature-wise as of yet. Comments, suggestions and tactfully phrased insults are always welcome. :)
If you are interested in tracking the project's development or interested in helping out you can join the project workspace; a link is provided at the address above.