I remember to have read somewhere (maybe bitcoinmagazine?) that this project is dead due to regulatory issues.
Anyone can confirm/deny this?
There's this:
The new boss in charge of giving out a MasterCard licenses [Stephen Ruch] has no intention of allowing the brand or any bank that does private label cards to use Bitcoins. In fact, he nearly bragged to me about killing the BitInstant deal with a U.S. bank for the first planned $BTC card this year.
Could be regulatory issues involved too.