Jishnu has just been released!
JIshnu is a fork of Arjuna X, created largely because Arjuna hadn't been updated in over a year, broke the WordPress editor in WP3.5 (amongst a few other bugs), and appeared to have been abandoned.
With the default settings, Jishnu looks very similar so that current Arjuna users who opt to go this route can get up and running again quickly (the preset color images were converted to CSS and carried over to aid in this). It doesn't look 100% identical, but hopefully anyone coming from Arjuna doesn't mind the few visual changes.
Beyond that, much has been rewritten to use CSS instead of the numerous background-images that Arjuna used. It now only uses 1 image (under 5KB). Everything else is generated via CSS. Customizer has been implemented. Anything that made sense to move from the options page to the customizer has been, and now just about every color can be changed via the customizer too (however, to reduce complexity and feature-bloat, some colors are calculated by the theme based on a primary color the user picks). A number of advanced options & tweaks were added to the original options page.
The functions file and template files are all heavily documented now - I knew very little PHP when I first started and hopefully if somebody else in a similar situation decides to delve into the theme someday it's of aid to them.
Available at http://mattgadient.com/jishnu/
Direct LInk: http://download.mattgadient.com/jishnu/jishnu-1.0.5.zip
License is GPL2, just as Arjuna is.
No admin demo, but it's running on my site above, and you can pan through the YouTube video displaying the customizer at http://youtu.be/gLifIXa_Hqw .
I won't be submitting it to the repository just yet, as I just noticed last night that SRS has recently made attempts to get Arjuna working (http://themes.trac.wordpress.org/ticket/10758).
That said, Jishnu has passed the Theme Check for some time now and I've run it live for a few days to work out the last few kinks (up to v1.0.5 now). Whether I do submit it to the repository at some point in the future or not, anyone interested should always be able to find the latest version at my site above. I expect to maintain it for quite some time since I use it and just spent a whole pile of time on it ;)
I've tested it fairly heavily, but if anyone comes across bugs or issues I may have missed, please feel free to pass them along!