I wasn't sure at all that the CyanogenMod team would port Jelly Bean (Android 4.1) to the HP TouchPad because it's hardware that hasn't been available for a year and even the Ice Cream Sandwich port (CyanogenMod 9 aka Android 4.0) never got the camera to work on the TouchPad due to closed source Qualcomm drivers.
However, it looks like we have an early alpha of CyanogenMod 10 (Android 4.1) available for the HP TouchPad, as this announcement makes clear. At this point, I'd recommend steering clear of that CM10 alpha, because there's a lot that isn't working.
Early reports suggest that sound, video hardware acceleration, the microphone and - inevitably - the camera all don't work in CM10, so if you play games, music or videos in CM9 on your TouchPad (and you must do at least one of those surely?!), then CM10 is effectively unusable at the moment. Also be warned that some CM10 TouchPad users have reported the battery going flat, even when left in standby overnight with a charger attached!
I'm already playing with Android 4.1 on my Nexus 7 tablet and just installed the Modaco JR6 ROM on that to improve the Jelly Bean experience, so I'm sticking with CM9 (Android 4.0) on the TouchPad for the moment. I've got to say I'm liking the Nexus 7 quite a bit and if they did a Nexus 10 in the future (with better resolution than the Nexus 7), I'd be tempted to replace my TouchPad with it.
Talking of CyanogenMod 9, the team just announced that it's officially gone stable and no more development will take place for that release. There will be security and bug fix releases for CM9, but all the work has switched to CM10 now. Sadly, the TouchPad hasn't officially come out of CM9 alpha 2 status after all these months (the camera might be blocking this), so I've been occasionally updating my TouchPad with CM9 nightlies.
Surprisingly, CM9 TouchPad nightlies are still being churned out - 11th August 2012 (two days after the CM9 stable announcement) is the latest one listed by GooManager. I just installed that today and it seems OK.