I figure that one good place to start is to describe the current state of the project - what it can do and what the gotchas are. Amit, if I'm missing anything, please correct me or add what I'm missing.
The local part of image building works fine - there are some quirks to the process and a configuration file format to learn but the added builds are downloaded and included in images. I haven't done much testing with building live images but I believe that is also working.
In order to use any of the building code, you need to have the following installed: koji lorax livecd-tools pungi pykickstart spin-kickstarts
Virtualenv doesn't work unless you create it as root because the CLIs need to be run as root for pungi/lorax and that changes paths to the point that not all the code works. I'm sure there are ways to work around it other than creating the virtualenv as root but I haven't tried very hard to find one.
The remote parts work once set up - I had it set up at one point without the web front end and was able to build images. It needs a bit of polish but the needed stuff is mostly there, I just found the setup process to be a little touchy and fragile. The current method of configuration is rather pre-defined and not incredibly flexible but the basic method is sound.
The web interface wasn't a priority during GSoC and thus, it is pretty rough around the edges. I was never able to get the full stack working but it's certainly capable of working. The UX needs more designing and a re-skin but this stuff can be done at a later date.
I think that sums it up relatively well. The docs should fill in any more details that I've not written enough to start using the code. If not, feel free to ask questions here or in #fedora-qa.
Tim