There are never official ETA's, but I will tell what I know of reverse engineering and current progress I've seen posted.
Problem 1 plagued the emu team for a long time. It was the hardest to fix. That is figuring out encryption. Without decrypting packets, you can't learn anything from the data. Merth figured this out recently. This is a HUUUUUUGE step that took nearly 7 months.
Problem 2 is currently being fixed. There are TONS of new options and opcodes that need implemented. There's expanded shared bank. There's new zoning protocols. There are a lot of new options that came with LoY that need to be fixed. These are being worked on. When these are fixed, the new server will be released. I'm assuming it will probably be a crappy bugfix beta one, but it will be USEABLE!! Once bugs are reported, they can be fixed. During this time, there will be new features added.
MY estimate is that this will take until the end of summer to reach a common use emulator, with few bugs.
Until then, try to be helpful. Try to bugfix.
Donate to the cause.