I can't think there would be a penalty, ian. my last one still isn't indexed either... after 6 months.... grrrr... another one is acting weird, too... successive visits to it can give you a pr1 - pr4 on the toolbar and it's been doing this since the last google update.
Since they are project sites with no real monetary value, I don't really worry about it but it is interesting to watch the jockeying for position through them,
. It would be nice to get the one indexed at some point but other than that, I'm not going to worry about it.