The maintainer of #!, corenominal aka Philip Newborough, has announced the end of its development: "I’m leaving it behind because I honestly believe that it no longer holds any value [...]."
With all due respect, but that is utter nonsense. #! is undoubtedly the most polished Openbox distro out there, has served me well over the past two years, and will continue to do so in the near future (I've just updated it to Jessie).
And comparing it to Lubuntu is ... well, it is besides the point. Lubuntu addresses an entirely different bunch of people as #!, and as such it isn't 'progress' (personally, I would rather call it regress).