Unfortunately, a cryptic update posted by Cootek to its forum yesterday now suggests another delay of 'several months'. It's really frustrating, because in the Windows Mobile world there are tons of good choices in keyboards yet Touchpal was by far my favorite. If Cootek could simply deliver an Android version with identical functionality to the current WM version, they'd own this market -- especially since there are so few other options for Android.
From the comments on their forum, my personal belief is that they are trying to negotiate an OEM deal with some hardware or carrier partner, and have agreed (or decided) not to release Touchpal for public sale until those talks are concluded. I have no inside knowledge; just an opinion but it would explain why it was pulled from the Market months ago with no release since then.
I've learned, though, that a good keyboard is probably the #1 most important app on the entire phone: You spend more time using it than any other, and it can make or break your entire experience. No matter how great the phone might be, a sub-par keyboard turns it into a total frustration! Between Touchpal's incredible 2 letters/key mode and its other features like the editing mode, I was far more productive on my old Omnia on WM than I am with either the hard or soft keyboards on my Droid.