It is coming along, though more slowly than most hope. There is a current redevelopment project surrounding the Septa station, and there are new townhouses soon to be in development along the rail corridor. In addition, the abandoned buildings along the railway are also being slated for development as office space or condos (not sure how far along that project is). Those projects sjhoulod be really positive for the borough.
I think that the borough needs to continue to focus on developing Butler Ave to get it up to par with a Doylestown or Chestnut Hill. Ambler Theater and Act II PLayyhouse are doing great things in that respect, and Act II has recently established an Avenue of the Arts along CAvalier Drive. The new spa/salon/bioutiques which recently opened in the old Regan's Shoe Store are bringing in alot of foot traffic, and the renovation of the old Wybdham Hotel will also be positive for the town.
Borough Council is a bit "old school" so things are moving more slowly than they should, but things are still moving in a very positive direction.