No, the project leader (corenomial?) packed it in. BunsenLabs is one follow on project and the other is CrunchBang++. Alas both I think are 64 bit only in recent versions because they are based on Debian, which from Trixie (v13 on) is 64 bit only for installation.
I'd look at antiX for reviving a netbook if limited to 32 bit.