This is a very cool project! I can see your newest file is from 3th april 2012, but no updates in the thread. What's the latest news, CHANGELOG, TODOs?

Have you tried testing it over a network connection for a long period of time? How does it handle network timeout when its mounted?

Just put the driver in ROM, and interface it to PRAM. use a control panel to setup PRAM with the parameters to connect to the "startup disk" and reboot. it boots off the web This is something i would HIGHLY support for my personal usage, is network booting an old mac.

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If you put the extension and software into the system folder on a system floppy it would boot the system with a HDD in 'the cloud'. Much safer than flashing your ROM