Has anyone got any idea what happened to Joga Bonito?

There's a Wikipedia article here that doesn't mention the discontinuation of the product – http://en.wikipedia.org/wiki/Joga_Bonito

... but http://www.joga.com goes to a holding page for "JOGATV". Has this Orkut-based site been shut down?

It would appear so

It's been like that for at least four months or so:
http://blogoscoped.com/forum/122227.html