Patience leads to success.
Just be patient and check the home page for an announcement for the arrival of the Cisco Lab to the public
The Cisco Lab will not be based on simulators but on real working hardware!
As mentioned on the homepage by Chris the lab is currently in beta testing phase and when the beta testers have done their work it will be available to everyone
As berzerker said,
The lab is entirely composed of real hardware. We have multiple types of switches / routers and other equipment that you can actually configure. This means you will log in to the actual hardware and complete the lab sessions, once you logout, the lab will reset itself to a default state.
As far as when the public release is going to happen. All we can say is very soon. The beta testing is already going on, and we'll be opening it up as soon as that phase is over. We're tentatively looking at a 2-3 week period for this phase.
Keep checking the homepage -- it's right around the corner.