The project is still active although it doesn't seem that the current administrator is actively recruiting new members.
The official project web site is now
www.worldfamilies.net/surnames/rayThe data on this site is better organized than the original FTDNA site, but it hasn't been updated since last year.
However the site maintained by FTDNA is still updated regularly as results come in:
www.familytreedna.com/public/rea-ray-wrayFTDNA regularly has sales and/or coupons so that's a good time to order a kit.