We'll finally be able to correctly support characters with multiple traditional variants. Many old UI bugs will be replaced by new UI bugs. Scheduling will get a good boost in flexibility. We'll be able to add new features more easily, because all the code will be oh so nice. It's going to be awesome.
So, when? We started a week ago, and the data storage part is done. If it's another three weeks' worth of work, then (including a week of visiting family for holidays) we're shooting for about a month from now, or about halfway through January.
Note that while we're working on this, we won't be fixing minor bugs that crop up (although we'll still fix things preventing you from happily practicing).
After this happens, immediately next on our list are pinyin/definition practice, improving the forums, adding more vocab lists, tweaking the recognition and scheduling, and a throng of overdue minor features and fixes.
I hope you'll keep sending in bugs, sharing ideas, and thinking up features you'd like. Hang in there, grow fond of the current bugs, if you can -- the wait will be worth it!