I know it was based on Netboot. I haven't seen anything about it since that Appleinsider article in 2008.
My guess is that it was scrapped. I use Netboot at home and love it. Really comes in handy for many things.
Since all the Intel Macs support imagebooting (ala NetBoot) you may be able to get it working. I am not sure how a local solution would work though. If I had the time, I would play around with it. But alas, I wouldn't gain much.