Not dead, but pretty close these days.
In between working a full time job, working as system administrator as a second job, dealing with medical issues and trying to have a life as well as a few other projects that also suffer, i simply don't have all the time to spare that i would like to
A better description would probably be dormant. I don't have any plans to give up on UltimateIRCd, but things are taking far longer than i'd like.
When it comes to releases, i do have a release in the works, but again, the lack of time is slowing things down.
On the upside, aside from compiler issues, which should mostly be resolved in SVN and in the planned release, the IRCd is running stable and i haven't seen or heard of crashes in the year that has passed, which also ironically has contributed to the lack of urgency to speed up a release.