There were a couple of dudes a few years back working on updating it, but then they were told not to continue working on it. That was before the movie deal...
Latley, a fellow Aussie up north, Cleric, started work on a new version. He was posting pictures of it on the All Things Palladium board, but then it seemed to disappear....
Now, with the movie deal, I think Pall are waiting for that to all settle down, then they'll deal with stuff like this. They don't want to step on peoples toes when it comes to licences.
RIFTS Game Master Companion updates?
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