Well as a user of Chatterous; yeh it is still alive if "running" translates to "alive".
If your taking "not updated" to mean "dead" your probably right; we were waiting to see how they would monetize and nothing seems to have appeared... so "in limbo" is probably a better bet.
I personally know of several startups that are running in "zombie mode" right now in the Boston area. Their website is still up, but everyone's been laid off, development on the product has stopped, and the only reason its still up is because they pre-paid for hosting for a year or so.
Waiting for someone to write a blog on "zombie mode".
If your taking "not updated" to mean "dead" your probably right; we were waiting to see how they would monetize and nothing seems to have appeared... so "in limbo" is probably a better bet.