Talking about Element is kind of a muddled thing: it started out as just a lockscreen concept from Teehan & Lax; they never built a working version.
Later, there were two releases:1) ame235 released the 235_teehanlax Lockinfo plugin. This was the best Element solution we had; worked decently and even if you gave up some LI functionality it remained a great design. 2) There was a Cydget released by Jay Freeman (aka Saurik) of Cydia fame. This never worked particularly well, and the entire Cydget framework seems to have been largely abandoned since then.
I'd love to see an updated Element released, but there hasn't been anything done for iOS 4.x software.