@azenz2: I think you are quite right when you say that mklivecd has no future, but there are some functions that doesn't seem to be possible with draklive.
Copy2ram is one of them, but also bootcodes like ntfsrw and vesa are impossible with drakelive. And what do you think about remastering? Not possible. A lot of those functions were added by Chris, and are not adopted into draklive. That was the main reason for Chris not to adopt draklive: I would cost more time to build those things in draklive, then to adjust mklivecd to the latest Mandriva release.
But, with 2008.0, I think it might be that the time has come that it's harder to get mklivecd running on 2008.0, then to adopt draklive... someone should put some time in getting to know draklive, and try to add the features of mklivecd in it. This would not be an easy task though. One should be able to code in Perl, and understand "the Mandriva way" of building the script

This would probably take a hell of a lot of time, most of all because it's very badly documented.
Chris also mentioned that draklive has no way of creating a livecd off of an installed system. This might also mean that there's now way of configuring the system before you create the iso (and I mean things like changing the desktop wallpaper, changing the menu entry's etc (not sure if this is true though).
@RvP: I believe no-one has.

I am willing to do so, but I think I might not know enough about live-cd's in the first place... I was just using Chris' scripts to build FreeoLive from a preinstalled system. On the other hand.... who else (apart from Chris) has that knowledge? I think no-one has...