Well, it seems so. RealityMan has updated the UltraHLE.com website for the first time in a few years so this could mean something. RM informs us he's working on UltraHLE once again, after finding some CDs with old dev code. Here's a snippet from his most recent post (he did the first one yesterday):
Ok, so what I have got so far. The code I have salvaged is fairly close to the original 1.0.0 release but with about 40% of the Glide to OpenGL code migration completed. What I am working on over the next couple of days is to examine the source and begin to strip out all the unused or surplus code. This will make the source cleaner and reduce some of the redevelopment time required. I have already cleaned up the cartridge loading code, stripped out disk memory mapping and have begun work on cleaning up and optimising the debugger. I have already been asked about whether I will be using plug-ins or not for graphics, sound, controllers etc. and decided before the question that those elements would stay native within the emulator to provide a more optimised system.
[Update] Most of the initial work on the debug user interface is now completed and should be fully completed by the end of the day. Also, a few compiler warnings have been fixed on the cartridge and main emulation thread source code.
Check out the full posts at Ultrahle.com. Thanks to passive for letting me know on IRC.