Well, as well as before but with one pretty important twist: the folks down at UIUC have been interested in using term rewriting to give semantics to programming languages, and they've been actively studying the potential there for a few years. They've grown a particular term-rewriting style out of the standard formal systems in use by the term-rewriting community that they argue is particularly good for giving semantics to programming languages; as we were watching each others' talks it struck both me and them that what they've got is very similar to Felleisen-Hieb-style context-sensitive reduction semantics. Since I go down to Champaign-Urbana all the time anyway, they suggested that I stop by the computer science department one day so we could get together and teach each other what we're doing.
So we're doing that next Monday. I'll give them a tutorial on context-sensitive reduction semantics and PLT Redex, and maybe they'll be able to teach me their particular brand of rewriting semantics and all the neat tools they've been developing there. Neat!