CyanogenMod for TouchPad is working, well sorta.According to the CyanogenMod Board @ RootzWiki:

Most hardware features of the Tablet should now be supported, although not 100%. There may be issues with sound, camera, wifi, etc. As stated previously, it is definitely an alpha build.

Here is a helpful list of features that are near-completion. Thanks to DarkRedFlame for compiling this.

* Booting into Android
* ADB commands via ADB
* Power, back/home and volume button layout
* Touchscreen support (Multi-touch, 10 fingers)
* GPU Acceleration (2D Acceleration doesn’t work, but not a release blocker)
* Dual core processing
* Bluetooth
* Sound
* Accelerometer
* Power Management
* Battery Reporting
* Camera(only video chat, no recording or snapshots)
* Vibration
* Backlight
* Multiboot (via moboot)
* ClockworkMod Recovery
* Fast Switch Boot
* Fake SD card Mount
* Light Sensor(need to check “Enable Light Decrease” in cyanogenmod settings->display->automatic backlight
* Accessing webOS files from Android and vice versa
* Touchstone Support
* Softkeys
* Wifi
* And much, much more!

As far as what *doesn’t* work, that list is probably too long for a FAQ.
* Many apps will have compatibility issues. Many. Including possibly your favorite app.
* Phone-related items (such as the dialer and text messenger) are left in the build. These apps consume minimal energy and can largely be ignored.
* Speaking of energy– power management has not been the focus of the port thus far. Battery life is not as good as it might be, and you can probably expect improvement in this area over time.

Not completely. It can’t be used to install or update ClockworkMod Recovery for example. Developer Koush will first need to add TouchPad compatibility to Rom Manager.