Now that the contest is over, I don't have any faith in an update. I mean, if you just earned a cool $2500 from coding an emulator, and there's absolutely no reward for an update, would you do it? Hence, one of my big complaints about the contest (and why I think that the money should've gone to the OpenXDK project, which would yield much, much better results over the longrun). Maybe I'm wrong, but seeing as how it's been a few months and factoring in the scene trend of an update every month or no updates at all (not to mention what I've said in the above), I have little doubt that my opinion is far from the truth.
EDIT: In case it wasn't obvious, I was speaking more of PJ64X than UltraXLE, but the same opinion applies to both in different quantities. Would you want to work on an emulator when you know the other guy got a couple grand for his work, and you'll get nothing?