The unfortunate consequence of Google's SoC is that most people have exams during the project period, and this greatly effects the progress. I had two big exams, of the material of 2-3 years of stuff. I failed one, and in order to stay at uni i had to pass the second. That is done, now the update.
The biggest progress made so far is that Drawing API finally incorporates the use of the drupal_render function, with using special theme functions to create the appropriate svg tags. This means the basic incorporation of the 'root canvas', the module is now working well enough to produce a single object group (this is in my terminology the root canvas).
Last week I wrote a schedule plan for the project page, which got already a bit mixed up. The first phase sets the completion of the shape library to be full, and this part is still missing. However several points of phase two (deadline 7th of July) are already done. With my time being free now I am pushing to be able to do a first release, and hence accomplishing the 1st and 2nd phase by the end of this weekend if possible.
My first priority now to have a stable API, with as much later changes as possible, so I can get people involved in the project. Drawing API is potentially directly useful only for developers, so introducing a working and stable API to the developer community is an important goal.
There is a temporary demo site set up, if you want to see some SVG on Drupal. At this point its nothing special, but you can see how your browser is handling the technology of 2003. If you don't see your browser on the list at the project page, send a report via the contact sheet, and I'll update it.
Links: http://drupal.org/project/drawing, http://groups.drupal.org/graphing-svg