There isn't a lot of technical reasons why it won't happen with either of them, and with MeeGo at least, it is fully open and community driven, so there should be no *other* obstacles to people teaming up and making it happen. There has already been discussion on #meego about making this happen, and it's only day two!
In the meantime, more updates for Maemo 5 are sure to follow - PR 1.2, the next reasonably sized update is being talked about increasingly on #maemo on freenode, which hopefully means it isn't too far away.
It's very easy to be pessimistic, it's very easy to worry that your device won't be unusable.
Don't take the easy route: fit into the MeeGo community and make things happen.