According to this post on the PEAR blog, the first PEAR bug triage is now over:

PEAR's bug tracker hit the 600+ open bugs mark a month ago. [...] So with 600+ open bugs (not including the feature requests), we had to do something. [...] The logical step was to hold our own bug smashing event and see how it works for PEAR.

Back on March 22nd and 23rd (Easter weekend) they hunted for bugs. Several developers showed to help out and many bugs were fixed and they managed to bring the number of open bugs for PEAR down to 547 with the two days of work. There were some milestones reached too:

Thanks to the triage, we are close to reaching two important milestones: Closing bug reports with lower bug ID than 1000 (1 bug left!) and 2000 (5 left).