The greatest risks we currently have as team is the possiblity of our keyboard getting damaged which would be a significant hit to our budget, as well not being able to figure out the math behind some of our most complex effects which potentially involve Fourier transforms. We are managing these risks by using extreme care with out keyboard as well as working hard to set ourselves up to have plenty of time for working with the more complicated effects.
Our overall design has not changed significantly from our initial vision. This is because our initial planning for the system was robust enough that we had considered potential problems like memory for example.
Currently we are still on schedule. One thing we need to do is to purchase the speaker we intend to use for our project. This will be crucial when it comes to real world testing.