Progress in the conceptual design phase of ESO's OWL 100-m optical and near-infrared telescope is reported, with emphasis on the development of the science case. The Phase A opto-mechanical design is now basically completed, and provides a clean, symmetrical geometry of the pupil, with a near-circular outer edge. We also report about the latest outcome of industrial studies, introduce the essential definition of the wavefront control systems, and outline operational concepts and instruments priorities. Finally, we elaborate on the favorable cost factors associated to the telescope design, its compatibility with low industrial risks, and argue that progressive implementation allows for competitive timescales. In particular, we show that suitable fabrication and integration schemes should accommodate for a start of science operation at unequalled potential and within a time frame comparable to that of smaller designs, while at the same time maximizing R&D time for critical subsystems.