At this point it is just updated to work with 1.1. From what I can tell so far the original functionality is working. I have not committed to implementing the list of features that the original author had planned as the game has changed a lot from that time. If there are features from that list that still make sense and there is a want for it I can work on putting those features in.
Based on the list from the old mod:
Current Features:
Working - Multiple underground levels
Working - Stairs
Working - Belt-Elevators (speed equivalent to the three base belt types)
Working - Power transfer (one-way per pair, for now).
Working - Research to unlock deeper levels
Not working - Subways, special faster trains only usable underground.
Not tested - Remoting call for other mods to white-list entities. (see change log for v 0.3.3 for details)
Not Tested - Shortcut to flip rolling-stock (default: CONTROL + F).
Not Tested - Ground Penetrating Radar research, allows radars to scan underground levels.
Not working - HUD to help when placing entities that connect to other layers (like Stairs, for example.)
Working - Configurable blacklist and whitelists to customize what entities are allowed underground.
Features coming soon(ish?):
Planned - Fluid transfer
Planned - Signal transfer
Features far away:
Is this needed? - Underground mining
Needed - But I suck with graphics - Many more graphics