I finally got around to sorting the last few bits and making it available to the public.
The theme has four dynamic areas and three columns. It supports nested comments as well as pop-up comments.
The theme is used on my Wine and Dine blog if you wanna check it out more in details you can do so there. Only difference is that my blog uses an image header instead of plain text.
Theme is developed using WordPress 2.8
The theme is now approved by wordpress.org and is officially available through them as well.
Direct link for it: http://wordpress.org/extend/themes/blue-steel