This is handy - but it also made it obvious that at least one project is there which has a 'recommended for 5.x' release. The release system has flags for 'unsupported' now - so at a minimum these projects need to be marked with that in addition to being reassigned. Update status won't care if the project node owner changes so it's not that much use by itself.
Nat
PS. On a similar note, http://drupal.org/node/252105 - removing all 4.7 only modules from the main project listings. +1 etc.