The San Francisco Chronicle's Matier and Ross report that Dellums spokesman Mike Healy confirms Dellums will be taking the summer off. Nobody has mentioned veto power since he asked for it the day after the election, and it seems like that's going away without even a fight.
It would have been impossible to get enough signatures to place the measure on the November ballot anyway. Since the number of signatures that Dellums backers got last summer is less than half of those required to submit a measure to the ballot (and lefty Dellums backers failed earlier this year to float an anti-development measure), it is doubtful that the Dellums machine will be able to get anything on the ballot for 2008 either.
So, there's not really anything to watch until after Labor Day, when Dellums will "hit the ground running."