I mean, I know there have been borderline series (such as loveless) and with yaoi you have to be open minded for many "underage-looking" ukes, but does anyone know of any other shotas that have been licensed? I thought they were an untouch-able sort of manga...perhaps I'm just behind the times?

Just a bit too into bad things

(and part of the yaoi scanlation group
Terribletrio!)

I doubt that. The American society is more conservative and protectionist about these matters than the Japanese society. Shotacon is taboo.

I'm surprised that something like Futari Ecchi got licensed. We'll have to see what happens with the sales though.