Any idea when the directory rework will be released?

I keep hearing rumours that the directory plugin is getting rewritten and just wanted to know if you have a rough idea when it will be released?

I am debating using appthemes directory theme on a sub site (not ideal) but would rather use your solution if its been completely reworked.

Even a rough date for a beta would help so i can decide whether to hold off till i can try and compare