It runs, sort-of. Currently, keyboard input is not supported. Currently, there are no disk drivers. There are no network card drivers. It should be possible to port disk and network drivers over from the s390 project without too much trouble.
Sources are here.
Boot Instructions , including a detailed explanation of how to configure your VM minidisk for boot. A port of glibc has been started. System calls work. Patch are here. Your Name to join the mailing list.