Hi, "theme not updated since 14" - that is not true. As you can see on themeforest: last update- 2 July 16
"Currently this theme does NOT work with woocommerce at all." - that is not true either. You can see on themeforest with what versions the theme is compatible, 3.0 is not listed there.
Modello works 100% with woocommerce 2.x - everything was tested. Some template files may be outdaded because of woocommerce layout changes- we use our own layouts so that does not mean the update is needed.
As for the 3.0 update- its coming this weekend, i wanted to make it before but its not so easy.