Alright guys,
the garage page is up and running here. You can download the .deb from there and the source code, if you are interested. Remember, you still need gstreamer-tools installed, for now. I am trying hard to use gstreamer directly but it just doesn't cooperate.

Thanks everyone for the suggestions and enjoy it. I would love to see the movies you make with timelapse (which is the new name, btw).
Please keep the feedback coming. You can use the bugtracker at the garage page to leave suggestions, complaints, etc.

Tiago