I think the main blocking part there is getting LLVM working on AVR. I believe there is a fork of LLVM that does (
https://github.com/sushihangover/llvm-avr), but you would have to merge that fork with the LLVM that Rust uses in order to run Rust on it, and it looks like the fork is a little out of date so it may take some work.
This particular likely doesn't affect running Rust on an Arduino at all, as what it is doing is removing the runtime for std, which contains many of the OS abstractions. You don't have an OS on an Arduino however, so std isn't particularly helpful there. Several months ago they already did what was necessary for that, factoring out much of the completely OS independent functionality into a "core" library (http://doc.rust-lang.org/core/), so you can opt out of using std and use "core" instead, plus add a little bit of platform specific glue, to run Rust on bare metal.