Since I was one of the blocked in the sh project and I am one of the guys that's "most responsible" for this, I thought that it would be best to write here.
I agree with Elephantus here and I think that this project represents nothing but a carbon copy of some articles from three distinct wikipedias. Pokrajac, one of the admins at SH constantly claims that Bosnian, Croatian and Serbian are same languages, which is completely insane. The languages have started diverging a long time ago and since the 1990s, they have become more distant. It is true that the speakers of those 3 languages are mutually intelligible, but that doesn't mean that they speak the same language.
Moreover, they speak culturally and liguistically 3 different languages and it's sometimes hard for me to understand what Bosnians or Croats are saying just because of the diversity (I'm a Serb, by the way). Also, these three wikipedias came out of Serbocroatian Wikipedia for a reason. And they are not going to converge again and merge into SH. It's an idealistic pro-yugoslavian thought that might work in an alternate reality, but taking cultural, linguistic and other properties into consideration, this can never be achieved and striding towards it is only one step forward, but seven steps back.
Furthermore, as far as I know, there aren't any statistics proving that a percentage of people claim that Serbocroatian language still exists, or even less that they use it. If there were some kind of evidence that, say, 20% of the people that speak sr, hr or bs, still consider Serbocroatian as a valid language, then there wouldn't be problems. But, there is some kind of public awareness - it is my opinion that most of the people dislike the phrase Serbocroatian and that they would stick with something less contrived.
Conversely, I'd like to say that the space used for this project (read: duplication of material that could/should be found elsewhere) is the space that an African language of millions may use for spreading cultural beliefs etc.
Overall, I think that keeping this project alive would be a selfish idea, because only 3 people are willing to really contribute to it (btw, don't let the recent changes as they are now fool you - they are usually very slow, but filled with new articles with summaries like /Copied from Serbian Wikipedia/, /Pasted from Croatian Wikipedia/ et al.)
And now to reply to some earlier posts: To Daniel Meyer: As I said on IRC, you're very wrong. I'm sorry to break it to you this way, but Serbian, Bosnian and Croatian ARE different languages, albeit mutually intelligible. And the political conotation is way too big to neglect. People have chosen to have separate wikipedias: just look at the growth of the three in comparison to the "united one" (which is basically a fork). The three didn't come out of the SH for no reason.
I agree with you that an active community means that the project should be kept. In this case, the community is only relatively active (in this case, activity = blatant copying and, although not a crime, it is generally frowned upon). What I'm trying to say is that 3 people with IMO wrong beliefs are holding this project down and because of that, they have sympathizers that agree with them, although they don't really know the problem itself.
To Dejan Cabrilo: Knock it off with POV. I think it's better to have POV in some articles (that are properly tagged) and just wait for those articles to meet better contributors. Rome wasn't built in a day. What I think is wrong is the lack of policy of Serbocroatian Wikipeda - there is no policy about the script. You can write in Cyrillics, you can write in Latin script, and no one really cares, which is IMO inexcusible. Furthermore, this appearance of 2 scripts in the system messages is just wrong and useless. Since variants (script conversion) is going to be introduced in Serbian Wikipedia shortly, Serbocroatian is becoming obsolete.
Thanks for your time. Filip Maljkovic, bureaucrat from Serbian wikipeda