Yes, it takes time to move the files to the server that will now be the site's home. He revealed in the GateGuide's chat that yes, he had found a home for the files; and that the domain which was currently pointing to his Simplenet location will change to point to the new home when the files are transferred.
I gather, from talking with Philip and with other webmasters formerly hosted on Simplenet, that Yahoo's bandwidth limitation takes effect (at least for standing accounts) in January 2001. That seems to be a watershed date for a lot of the activity on Yahoo, including those companies recently acquired by Yahoo (Simplenet, Webring, etc. etc.) There will, apparently, be widespread abandonment of many webrings on 01 January 2001, after the rings have found new homes and gotten all their members switched over.