It seems a few community developers (@barakinflorida) have been inching towards releasing a functional, bone stock version of Android 2.1 for the Samsung Galaxy S (That is, without Samsung's TouchWiz interface). Their efforts are paying off, as this video shows.
The only big issues remaining lie in getting the camera/camcorder to actually, well, work. A relatively minor inconvenience, and a problem many developers have struggled with when developing full-ROM releases for phones with UI overlays.
Android 2.1 is starting to seem a little dated to be utilizing for development of ROMs - maybe a stock FroYo update will follow? But now that members of the CyanogenMod team are working on a CM6 build for the Galaxy S, it's hard to say if there will be much demand for a stock Froyo.
Also, with Euro-spec Galaxy S i9000 builds of Froyo (JP1, JP2 - they run TouchWiz) floating around, it can't be too long before Samsung is planning to give US Galaxy S's the Froyo bump - presumably shortly after their European counterparts.