This demo video came out in December, but if you haven’t already seen it, you can watch this edited down version (without the warm-up chatter).
Thermo is basically a tool for interaction designers (rather than developers), to bridge the gap between their photoshop mock-up and a fully interactive user-interface. The demo video implies that Thermo will make excellent prototypes for user testing, and then the UI can be completely re-used by the dev team with little or no tweaking.
Lets hope it lives up to its promises, because if it does, it will rock. No release date has yet been given.