If you could tell me what you exactly want to do with it I can tell you if it's suitable for you. There are some reasons (because of the internal architecture) why you can't do everything with it (f.e. a Serverapplication which doesn't need a level to be loaded).
I would consider Populace dead for now, although there is some new improved code being worked on that is based off of it. Unfortunately, it won't be released for a long time.
Professional A8.30 Spoils of War - East Coast Games