Yes, the name of the spec has been changed from Web Beans to "Java Contexts and Dependency Injection" (I am wandering whether it will be known as JCDI? :) ).
The development goes pretty hard, it's already implements about 90% of the JSR-299 spec.
The latest release (the next after ALFA-2) brings the following features:
* Transactional observers
* Asynchronous Observers
* Conversations, including propagation in JSF
* Bootstrap improvements
The release is targeted for use with JBoss AS 5.0.1.
What's interesting is that the TCK tests make intensive use of TestNG and annotations to couple the test cases with the spec chapters.
According to Pete Muir the only major feature to be implemented is beans annotation using XML.
Web Beans will make a core of JBoss Seam 3.0 which makes it even more interesting!
Way to go!