Same problem here.
Elastic shows up in the plugins section, and can be activated. Then it shows in the appearance tab, and I can edit/build a theme, but when I hit ‘save’ nothing happens.
There are no new themes in the theme section…
I’m on local server, Mac OSX, php 5 and WP 2.9.2. Elastic v. 0.0.3
Other then that, Elastic seems like a great plugin, and I can’t wait for a working version ??