I've switched from phpb 2.0.22 to phpbb3 RC4 and a number of users have complained about the lack of a scrolling marquee. I thought the "view active topics" link was an adequate replacement - but a lot of my users disagree!
I understand zparta, author of the original MOD, no longer supports it. So we're going to have to hope that some kind person out there will take up the task.
I would also love to have this mod! I have received many requests from members of my message board for the return of the scrolling marquee of recent posts, but I don't have the PHP know-how to convert the 2.x mod for 3.