You may have seen a press release from Digilore about their SCORM 2004 module (which came somewhat out of the blue). I've attached it to this post so you can have a look at it if you like (not for production servers) - I added support for sesskeys and repackaged it so that it now actually runs under Moodle 1.5 and
Moodle 1.4.5.
However, I just want to mention publically that this module is actually a modified version of our Moodle SCORM module from a year ago, and they've added some of the same support that Bobo has already added since then, so it's unfortunately not really as revolutionary as the press release makes out.
Thanks to Bobo, Moodle 1.5.x already plays SCORM 2004 packages, even though we haven't certified to that level yet. Here's an example:
http://moodle.org/mod/scorm/playscorm.php?id=4985
As I understand it, the main thing we are missing (and so is the Digilore module) is support for sequencing. I hope the Digilore folks will be able to work more closely with Bobo to help solve that problem within the main SCORM module!