I don't have any new insights on this, and haven't really thought about it for a long time, but the basic problem with turning spider silk proteins into "biosteel" is the spinning issue. The silk is a comination of different proteins polymerized to make a final product with the desired characteristics. Problem is they can't make the stuff form fibers long enough for their initial intended applications, so they are turning to nano-applications.
Best bet in my opinion for functional transgenic spider silk is a group that is making transgenic silkmoths (duh) with spider dragline proteins.
For the technically curious, all of this stuff comes from research done by a guy named Randy Lewis (aka Dr. Randolph Lewis) at the University of Wyoming.
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