I'm working on a project similar to Phantom, but of my own design. I call it the Virulent Keyboard.
I posted a few months ago about creating this thing, and I've made some progress. So here goes:
I started with the basic ANSI layout and modified the bottom row and right edge. Took away function keys, numpad and arrow set. Then I placed a 5x5 pad on the left of the main layout. The purpose of this is to allow for centered hand placement! I find that I have my keyboard centered for gaming, and I lean to the left to type. So in this layout, gaming happens with the macro pad and mouse (righty here), and typing on the center matrix.

Please, PLEASE address the "Considerations" section in my image. I need all the opinions I can get!
The keyboard has a "Function Switch" key in the lower left, that is my own layout modifier in place of scroll lock/num lock.
I just added the caps lock back into the design, it is not in code yet and it does not have a dedicated light yet.
In addition to this layout, I have made headway in the actual hardware/software.
I have:
100x plate-mounted (see Considerations) Cherry MX black switches
300x 5050 SMD RGB LEDs for the board
1x Teensy 2.0++
I did a lobotomy on a Cherry switch and found that the plastic to hold the LED could be cut off without changing key performance. This is my current planned method to make all the SMD LEDs fit underneath the keycaps... sacrilege, I know...
Adapted Phantom firmware that is in working order. I have tested this with larger RGB LEDs which I purchased before I discovered they would be too big. I also tested the Function Switch key and simulated the keypresses for each key in the layouts.
Here's the GitHub:
https://github.com/johnfonte/virulent
What is not yet complete is the PCB design, which I am creating with Eagle, and ordering from here:
http://oshpark.com/
Are there other (low-cost, low yield) options out there?
I actually have a schematic done but I need to modify it to use smaller Cherry chopped switches and add LEDs, then do wiring. I will upload the image of what I have when I am next on my desktop.
Thanks for reading!
-sad_destroyer