Warner did mention last night that they "hope" to release The Man From U.N.C.L.E. in the future.
Interestingly, apparently some Web sites have been accepting pre-orders for a July 25th release of the first season - but Warner said those sites are "misinformed" and there is no release scheduled for 2006.
There's a dispute between Anchor Bay and Warner Bros. as to who owns the DVD rights to the series. Anchor Bay put out a press release for a first season DVD release during the first week of April, citing the July release date that you mention. Retailers, including Amazon, began listing the DVD release shortly thereafter. By mid-April, Warner Bros. attorneys had contacted Anchor Bay over the rights issue, and most retailers promptly yanked their listings for the Anchor Bay DVD release due in July. As far as I know, since the dispute over rights came to light, nothing more has really been said as to what headway, if any, is being made toward resolving the dispute and issuing a DVD release.
TVShowsonDVD.com covered both the Anchor Bay release announcement and the subsequent yanking of the title.