i doubt we will ever see the f-day release for GP32. which is fine 'cause rlyeh's given us a great body of work such as it is, i don't think anyone could really begrudge him that (and we've got great NES and genesis/etc emulators otherwise)
i generally consider the GP32 scene to be pretty abandoned these days, i am sure we'll see the occasional trickle here and there but nothing particularly noteworthy (with the exception of some upcoming MAME releases, if the talk is true - and sounds like it should!) and possibly a bone or two from reesy w/ DrMD or what have you..
it sounds kind of sad, but if you think about it there is plenty of great apps for the system, most of which are very well executed and useful, and will be for as long as anyone cares to keep theirs around! I have enjoyed it for years, and I look forward to more of the same - someday maybe i'll upgrade to a 2x, or something similar, but what's there with GP32 is already more than I'll ever use, for certain.
(don't get me wrong, like anyone of course i'd love to see more development - the scene has been fun as hell to follow,and i am anxiously awaiting the new MAME release!)