It looks good and works pretty well, too. The beta has a few bits missing, but it's clear that it's going better than the FuseTalk software that ot.com currently uses. When these bugs in the initial beta are ironed out, the public launch will take place first at fanedits.com, with the ot.com forums being swapped on to the new system some time later.
I get the feeling it's close, but Jay has said he has some personal stuff going off at the moment (I don't know anything beyond that).
Be patient - the software doesn't make a forum, it's the people who participate.