In this interview made by Greg Young of InfoQ, Joseph Hill talks about the current status of Mono, the release of Mono 2.0, and important developments related to Mono like Cecil, MoMA, and Moonlight.
Watch: Joseph Hill About Important Developments in Mono (18 min)
According to Joseph, Cecil is "Reflection on steroids". Cecil allows the developer to read and manipulate the assembly data without actually loading the assembly.
MoMA is a utility which checks the compatibility of a .NET application, establishing its chances to run on Mono on platforms other than Windows.
Moonlight is Mono's open source implementation of Silverlight.