Latest Status of QE2 : Regularly Updated.

I will be keeping this topic as up to date as possible, with links to the relevant information on the forum.

QE2 is still operational, a working 'passenger ship' with a crew. Most systems are still live, and all safety checks are carried out as if she was at sea.
Crewed around the clock by an expert crew from v-ships of around 38 people. They live on board. It is understood that none of them originate from Cunard however they are all now experienced in running and caring for the ship.
She can be made ready for the seas, under her own power, in a matter of weeks. Certain items of deferred maintenance would need attended to, the crew would need to be increased by around 70 and trials would need to be carried out, but then she would be ready.
Ship has been powered-up ever since her arrival in Dubai in 2008 except for a deliberate full power-down and restart carried out by v-ships to establish that they knew how to do it.
At least one of her 9 huge diesel generator engines is always running. All are still operational, although some are due a service. They all get a turn to run.
In July/Aug/Sep 2009, There was a project to take the ship to Cape Town as a floating hotel for the World Cup. This plan tell through, but not before the ship was made fully ready to take to the seas under her own power. The plan was supported by QE2 fans around the world because it would leave her intact for longer. The plan can still go ahead elsewhere.
Her gigantic electric propulsion motors are spun up regularly to keep them in good shape
Air conditioning has been overhauled, improved and has never been turned off, and is being aided by a shoreside supply when the weather is hot. It is cycled through various areas of the ship in turn.
As part of Project Cape Town - Ship was dry-docked in summer 2009 during which it was fully repainted, propellors were cleaned and repairs necessary to make her seaworthy again were carried out.
As part of Project Cape Town - Ship has been registered under the flag state of Vanuatu. Southampton has been painted out on her stern and replaced with 'Port Vila'
Her interiors are intact except for very minor areas where water damage has occurred from leaks etc. Cabins are all intact, and regularly inspected on a rota system.
Plumbing has been repaired & replaced in various areas, including the engine room as required. Made easier by the ship not being in service.
The ship can be observed each day via a Webcam in Dubai