How can I know the current development status of LIM (locally integrated menus). Can I install LIM in Precise Beta 2?. Thanks.
LIM has been dropped for 12.04. It probably is on the blueprint for 12.10. There was a PPA which included packages for LIM but it is not active for a while. You can find the PPA here.
You can read more about the development focus of LIM in the OMG!Ubuntu! article.