I just called Dollar Savings Direct, and I was told the 16-month CD still has a 2.25% APY as of 1/16/2010. For some reason they stopped listing this CD on their website several months ago. Perhaps it's because you need to have a savings account before you can open this CD.
I'm a little concerned about Emigrant Bank's financial health. It still has the lowest ratings at both BauerFinancial and Bankrate. On the plus side, I can't find any public enforcement action from their regulators.
In August I posted a full review of this Dollar Savings Direct Certificate of Deposit