I've read stories about the 'coming' male pill for years. It's supposedly 'in a few years' every time I read it. This story is no different, although they claim to have concluded that they have an approach that both works with an efficacy similar to a vasectomy and is totally safe.
I saw this as a link off of Marginal Revolution; there are a ton of comments there as well. The part people in the comments (and in Tyler's story itself) seem to gloss over is that even the people trumpting the breakthrough say it's a good three or so years from availability and (more importantly) major pharma companies do not expect it to be particularly profitable, and so are sitting on the sidelines at the moment.