In a collaborative effort, the MEGAwatt Pillot Experiment is an initiative to design, build, operate and decommission an exploratory liquid lead-bismuth spallation target for 1 MW of beam power, taking advantage of the existing spallation neutron facility and accelerator complex SINQ in PSI. After a successful engineering design review in November 2001, the technical review meeting in March 2002 and the first detailed design review in April 2002, the target design is now almost completed, the manufacturing phase is launched and the construction will start in April 2003 after the second detail design review and the ready for manufacturing review in March. The present contribution is not a detailed description of the target design, but gives an overview on some selected issues of relevance before going into manufacturing. This paper is based on the presentation held at the MEGAPIE Technical Review Meeting in Paris on March 18-19, 2003. The target heat exchanger and the electromagnetic pump system are presented in separate papers of the Meeting and will not be detailed in this paper.