Let's be generous and say that between Patrick [Michaud]'s funding (which has expired) and Jonathan Worthington's funding and Daniel Ruoso's funding ($3000 for SMOP, an alternate implementation), Perl 6 has 0.5 paid full-time developers. Off of the top of my head, I can name a couple of *dozen* full-time paid [Linux] kernel developers. That's at least an order of magnitude more potential work in that period. Even Fred Brooks might agree that, sometimes, more people can get more work done.
In my mind the question of "vaporware" hinges on "does it actually exist?" If you want to raise the question, "sure, it may exist, but will it ever be stable and widely deployed and ready for production use," that's a very different question -- but I don't believe that's a question of vaporware.
I published working Perl 6 code three years ago. That means people could have downloaded, read, run, and modified working Perl 6 code every day for over a thousand days. If you're going to introduce the question of utility for a majority of a language's hackers, Python 3000 will be vaporware for a couple of years. Heck, PHP 5 is barely not vaporware, if you look at installed base among $4.95- a-month virtual hosting plans.
So what's the bottom line for Perl 6, then? Is it here now or isn't it?
While the software isn't finished ... it does exist and has existed for years. We do all of our development in public; we even have a graph of passing specification tests updated daily.
Through Pugs and Rakudo (and other projects -- Perl 6 is a specification which we expect to have multiple compatible implementations), people have been able to and have in fact run real Perl 6 code for over three years. In fact, the Parrot project has released a new stable version of Parrot on the third Tuesday of every month for the past two years. This includes a new stable version of Rakudo, the Perl 6 implementation running on Parrot.
Indeed, their most recent release was this Tuesday. And there you have it, folks!