There is a working Phoebe, it just didn't make it because some people were money grabbing c***s, before it was market ready. CINEMAROMA is still in devellopment and it's there is a known working version. The Iyonix dvd player has been put on hold.
wiki says :
Vaporware is software or hardware which is announced by a developer well in advance of release, but which then fails to emerge, either with or without a protracted development cycle. The term implies unwarranted optimism, or sometimes even deception; that is, it may imply that the announcer knows that product development is in too early a stage to support responsible statements about its completion date, feature set, or even feasibility.
I don't think phoebe falls into that category. The peanut laptop might however