I'm certainly not claiming to be a "real physicist", whatever that is, but I'm involved in the project (I actually named and continue to work on the "token-event graphs" that Max Piskunov developed for his local multi-way systems), and I don't think the project has convincingly shown yet how the basic ingredients of Hilbert spaces, complex amplitudes, operator algebras, density matrices, etc. are supposed to work. Which to me is an extremely important first step. I think we'll fix that, though.