I keep returning to the forums, hoping to hear that someone has awakened the project. But sadly, it seemes as dead as OS/2. Last Novemember I switched to Seamonkey, which is quite fast and uses a modern Gecko Engine like Firefox. I was using K-Meleon 1.6b2 for nearly two years, but without any updates, I started noticing that I was missing items in pages that easily showed up in Internet Explorer 8. So I switched to Seamonkey.
Hopefully someone will revive the project and release a complete version of K-Meleon v1.7 with a current Gecko or even WebKit engine. v1.7 has only been in Alpha now for what? Two, three hundred years now?
IF you want the latest 3.6.xxx engine, then Fred's version is the one to use. It has its issues, but it is usable. Personally, I use FF 11 as my backup browser and I use it the old-fashioned way with the "Open In Browser" KMM macro on a right click with my mouse. PSI still says that KM 1.6 b2 is safe, but that can't last forever.
FWIW, it would be a shame to lose KKO's magnificient rewrite of the KM scripting language. For my tastes and needs, it works better than Firefox's XUL XPI extensions, not to mention that whenever I have needed something special fast, I just ask here and several of the KM coders have always come through for me in almost nano-time with macros that do what I asked for. <SIGH>