This document summarizes the status of the Versatile Link System project. It describes the optical serial data link being developed that aims for data rates of 5Gbps over link lengths of 150 meters. It discusses the system studies conducted including developing test benches and characterizing physical layer performance. It also outlines the generation of a system level specification detailing parameters such as optical power levels, jitter, and link budgets for both multi-mode and single-mode variants of the system.