Local 1 is on strike, as you might have heard in the news. Rumors are rampant of course, and information is hard to come by and when you do see it you need to read between the lines.
The issue is interesting to me because I have mixed feelings about the union. I don't think that the inclusiveness nature of IATSE serves the whole of theatre production, and that it actually may promote more abuses than it protects. In my ideal world, the union would be much looser, much broader and service more technicians - much like equity does for actors. Is it weaker then? Some would argue yes, but I don't agree. I see people as the strength of the organization. And theatrical practice isn't the same as it was when IATSE first started. Indeed, I think IATSE is most suited now for events that aren't as theatrical in nature; film, TV, corporate events. The places where technicians don't have steady work, and are often subjected to shorter bursts of long work hours (and thus break and meal penalties are needed - though many producers are willing to pay them - the allowance of a penalty sells your soul! Its okay to not eat as long as you give me more $).
Point is I guess, that I see valid points from both sides.
http://backstageat.backstagejobs.com/ has some info about the strike. The theatre sound list also has some information at http://www.brooklyn.com/theatre-sound/index.html.