Overall a great update, a little thin on the actual news but things are definitely moving along in all areas...
From what I understand they seem to not have any plans to market the single cavity heater... The section that talks about future plans for phase III only talks about the multi-cavity version. "Make use of the completed "level one" MCMHU to secure a manufacturing and financing agreement." Maybe it was meant as a testing prototype only and can't handle real-life water volumes?
They talk about updating the heat exchanger design and replacing the electronics so we may have some waiting to do. I don't think the 3-4 months estimate people came up with is being pessimistic, if anything given their record so far it's optimistic. But since we know the thing works it makes it much easier to wait. A possible pps dip may actually be a good thing.
They actually talk about UL approval, not just getting advice from them which is great news. Going to Asia and networking there at the conference also shows they think they are reasonably close to production. They weren't doing any of that during last year. Everything else was mostly restating existing facts.
Like other posters said, a game plan for the next couple of years with rough timelines would be great. Same for a possible product lineup with maybe some sales estimates. I suppose maybe it is too early for that.