They have a pre-alpha release out already, but it isn't functional yet. Just means they are working on it.
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Even CM7 isn't really 'pure'...its some modified version of ADW or other...
'Pure' is entirely inadequate. Hopefully ICS will be better.
CyanogenMod is not a modified version of ADW. It simply uses ADW as the launcher. The rest of the OS is basically as close to stock as you can get, and actually makes many optimizations which lead to better battery life, performance etc.