I agree, a lot of time has passed but let me share some more of my views.
I'd like to compare this to another technology I've been fascinated by - Bluetooth. It was officially introduced in 1998. I heard about this technology back then and the uses were very limited and many people believed it would soon be forgotten. By 1999 3Com, Microsoft, Motorola, Lucent and others (all billion-dollar businesses) joined the boat to help with spreading the hype. In 2004, the Bluetooth SIG (Special Interest Group - the industry leaders) - presumably understanding the potential of the technology according to new understanding of the market - completely revised the specifications (and I imagine, the business model, too). Now, almost 4 years later, look around for the Bluetooth signs.
Now, ElectriPlast. Let's take the Pop Science blurb (which was exactly what it was, a footnote about a small company doing something potentially interesting) and compare the timeline. 2 years later, a complete re-design of the business model comes, the IR is secured in an unusually meticulous manner (were this a scam). On that note, we're now in the early 2000's on the Bluetooth line and things are stirring up.
But... all this with the folks alone. No Microsoft and Lucent and other giant bucks to back it and spread the hype. Well, there's Jasper, which is a significant, and strategic partner, but definitely not as well-known, or as powerful.
And, let'snot forget, all this in an industry that moves, what, 1-, 2-, X-times slower than the mobile / IT industry.
Last but not least, a year which may sound a lot on a personal scale can literally FLY by for a business, not much happening. Takes an iron drive to keep on going. I'm not sure how many of you are aware of that - I've personally been there.
...all I'm trying to say, I'd decided it's not worth the nerves. If it's a scam, then they deserve an Oscar. Time will tell.