They've always seemed more like a hobby company than the competitors. Their small scale has really seemed to slow them down, like lots of manufacturing and sourcing issues that a bigger company can just throw money at.
Even smaller than Armadillo - I really like Copenhagen Suborbitals. They are basically your friendly hackers next door, looking to launch a person into space.
http://www.armadilloaerospace.com/n.x/Armadillo/Home/News?ne...