Yes it is going to happen (keeping fingers crossed), Drupal 7 will get new shiny front-end themes. Since my latest blog post, we have been working hard on Corolla, most notably Jeff Burnz and certainly Jaroslav Foksa, who made the theme and tweaked the design quite a bit, so now it is cleaner and straighter and more multi-purpose than before.
Bunches of bugs have been fixed, and the theme is running rather smoothly with D7. Now we need you: give the theme a whirl, install it and click through it. At the moment the Demo site is not representing the latest code, so you'll need to put it on you local D7 sandbox.
The theme is taking care of most every aspect of drupal core, also the admin section. To test this it should also be switched on as Admin theme (set Admin theme to "Default Theme" instead of Seven). Forums, books, polls, images: everything should have a nice styling. There are lots of Color Module styles (all core candidate themes are color-module-enabled now), and it is fun to play around by defining custom colors.
Should work with any version of Drupal 7, sure best with latest head or alpha 5. Bugs and comments welcome on the Corolla issue queue. If you have some general findings, leave them in the "Master Issue" Make D7 look shiny and new in every aspect...