Well, how about that. What you see in the video above apparently is CyanogenMod 7 booting onto an HP TouchPad. Of course, booting is just the first step in a long line of things that have to happen before we get a working port. Notably, the touchscreen doesn't yet work. That's kind of a big one. But booting CM7 is a big step, no doubt. The plan now, apparently, is to work up a sort of dual-boot system. So you'll have webOS, Android and who knows what else running within the existing sandbox.
As always, don't bother asking about when we'll have a usable port. "Coming soon" ain't in the vocabulary for a project like this. It'll be ready when it's ready, which should give aspiring tinkerers a little more time to track down a TouchPad.