On my GitHub mirror, I have an eclipse branch that have the changes I mentioned in the Google Code issues page to make it work. It launch and seems to runs fine on my phone (although I didn't test much further than that).
You will need to adjust the reference to both /sdk/extras/android/support/v7/appcompat
and /google-play-services_lib
library projects to match your setup before it can compile on your machine.
UPDATE 1: This commit added the appcompat and google-play-services_lib projects into the repo for easier access.
UPDATE 2: Now updated with latest version (iosched 2014).