With the launch of its own site - south.aeracode.org - and Andy McCurdy jumping in to help out, South has been making some good progress. We've made a few backwards incompatable changes, which while annoying will hopefully make things much easier in future.
Firstly, the format of the create_table and add_column calls has been changed to use Fields instead of long dicts of parameters. As well as looking more Django-like, this allows us to reuse the SQL generating features Django already has for fields, as well as playing nicer with custom types.
In line with these changes, startmigration has also seen some changes; as well as generating things using Fields now, it can group models together in migrations (this proves useful for foreign keys referencing tables made after them).
We're still working on finishing this all off, and there'll hopefully be something stable to show off soon. Woop.
Also, if you're going to DjangoCon, may I recommend the Schema Evolutions panel; there'll be all manner of evolutiony and migrationary things discussed therein.