Update 2008 Sep 15 Version 0.3.0 is finally done. There's been a lot of changes under the hood, but I suspect you're mostly interested in what's new. The much requested control panel app is finally here, find it in the Personal tab. Another new feature is the programmer API - other applications can now talk to SensorLock. This is of particular interest to other G-Sensor based applications, especially fullscreen games. The API is released under the WTFPL and is documented in sensorlock.h here.
0.3.0 changes: Added control panel application. Rotating the phone can now toggle lock state. Phone can now be unlocked when stylus is removed. Added programmer API licensed under the WTFPL