CPU mining friendly algos didn't play out as expected last time it was tried.
I've heard some IRC talks with people discussing whether it's even possible (consensus was an uncertain "maybe") but so far, no actual attempts.
I think it's just too early... Give it some time, someone will find a GPU/FPGA/ASIC hostile PoW
The reason for this has more to do with the tuning parameters used for the scrypt implementation in scrypt based coins (1024:1:1).
Those particular tunings are not very high, and there is some question as to whether it was a serious attempt at a true CPU friendly/ GPU hardened coin.
Yes, I believe there is need for a CPU bound coin to allow new users without either the knowledge or equipment investment to start using crypto coins.
Face it, getting started is not easy. It is not easy to trade cash, use credit cards or any conventional means to buy coins. The process often involves using expensive wire services to send cash to small companies one has never heard of who often charge their own fees. I doubt any of us has the capital to start a business that would be capable of absorbing the cost of reversed transactions on non-reversible crypto-coins to solve the issue.
A CPU bound coin would allow easy entry as mining would be easier and could be as simple hitting a button in the client.
Hash rate as it relates to securing the block chain is relative.The best example is comparing LTC and BTC. Network Hash rates are still measured in M/H for LTC while BTC is in the G/H range (Due to the scrypt algo, LTC mining is about 1024x slower)
Anyway, this nothing I have not said before and I am experimenting with a coin whose concept includes using dynamic scrypt tunings along with PPC based difficultly algo.
However, my time becomes more limited, so it will probably be a decent time out. I also see a market that is literally overflowing with new coins and see the need to wait until the market thins out a bit.
If anybody is able to bring a cpu friendly/gpu hardened coin to market before myself, which I find likely, I would help to support it 100%.