Hey, thanks for the encouragement (I also read the posts mentioning Greyout in the Pyra Killer App discussion), it means a lot!
I am currently working on finishing my bachelors degree and will be doing so for the rest of the year. Sadly this means I don't have the time to work on anything besides that, including Greyout.
Expect some more updates in 2015 though!
Cheers.
EDIT: To add to that, some less vague infos about the actual state of development:
It has been coming along nicely. I have added so much stuff to the game and improved the existing ideas and technology, it basically is a Greyout 2 at this point.
A few levels are still missing and some overall polish, not much, but it has been like that for a long time (it's always harder to tie the loose ends together, than get started in the first place).
It will not be a random collection of levels, too, but tied in some kind of story (although I am certain not everybody will like that, you will have to judge for yourself I guess).
I hope to get some more original music by Nick May, but I really want to finish the game before I bother him about it, so I have not talked to him yet. (The few tracks he made for the demo are easily one of the best parts about the whole thing)