It's only been just over a week since HP abandoned the TouchPad, and the Cyanogen Mod 7 team are giving us hope that all is not lost. They posted this video yesterday to show off their progress in getting CM7 to run on the TouchPad.It doesn't run very well, but it does run.
This is a very early Alpha release and about all it can do is boot. The touchscreen driver doesn't even work yet. The long term goal is to set up a multi-boot option so users can have webOS, CM7, and whatever else they want.
As much as I like CM7, I'd much rather see webOS be ported to a different tablet. The perfonrmance of the TouchPad isn't all that great, and I'd like to see how well webOS will run on better hardware. If anyone finds a webOS port for the eee Transformer, let me know.