PokerStrategy has several Elephant videos on YouTube, including one from back in Feb 2008 demonstrating a pre-alpha version. Apparently it never caught on much as this is the first I've heard of it, and being the software geek that I am, I'm usually aware of any major players in the software field.
Part of the reason may be that PokerStrategy doesn't market to, or even support, US customers in any way, including with their software and forums. You can't even register on their forums if you're from the US. Since the software is apparently distributed and supported primarily from their forums, that makes it pretty much a no-go for US customers anyway. You can go there unregistered and read their forums and threads about it, and watch their embedded videos, but can't post or download anything. EDIT: Actually you can download the beta builds from their blog.
My advice for now would be to stick with HEM or PT3. Elephant is in beta and probably wouldn't be free once it gets released (PT3 and HEM were also free while in beta). I see in the forum that people are mentioning issues with license codes not being accepted, which makes it even more obvious that this will be a commercial product and not a free one. I didn't see anything that set it apart from either HEM/PT3 which are the de-facto industry standards, so I don't see any need to gamble on an unproven product just yet.
If you're balking at the price of PT3 or HEM, then I would be so bold as to suggest you probably don't need it or won't get much from it. Their cost is such a small portion of even a 10NL bankroll, and the ROI will be dramatic.