It is designed around the idea of a map and repository of tested/packaged Common Lisp source archives. It is also designed to be reliable, cross-platform (Windows, Linux and OSX at least), cross-implementation and not to depend on any external tools.
Currently, Lispy is in a fairly stable state, although development continues.
As of as of July 14, 2007, it includes 62 ready to install libraries and can download, install/uninstall and upgrade packages automatically.
As of as of April 1, 2008, it includes 108 ready to install libraries.
There is an RSS feed for Lispy news.
The source has been migrated to Github: http://github.com/lispnik/lispy.