The last month has been mostly discussing and waiting for MS to make the Vista certification requirements more secure against malware. We've agreed in theory now, I'm just waiting for the final adjusted testing steps.
It probably wouldn't make sense to release a win95-compatible beta just a week or two before that, when the "Vista version" will be a "95 to Vista" version actually (not sure where to put the side-projects like Wine & ReactOS ) and include the Win95 compatibility as well