It's still going. I am using it and their BOINC manager. So any of you going to join and let your PC process in the background?

From Rev's link:

But like the Stern show, SETI@Home will live on in another form. The project is being moved to the Berkeley Open Infrastructure for Network Computing (BOINC), an open-source grid project using the same principles as the original project. BOINC will continue the search for E.T. radio signals, but a new client also allows users to devote spare CPU power for other research projects, such as climate change, astronomy, and curing human diseases.