No, it’s not done yet. But it is going through a final round of editing, and I hope to have something ready by … hrm, let’s call it the end of September.
This is a semi-major update to the published rules, bringing things fully in line with 3.5. The first release is going to be an imageless (thus small) version of the document, which we'll want feedback on. A later release will be fully laid out and chock-full of pretty pictures.
Major changes: Check out your 3.5 conversion guides for the standard changes. For things somewhat less directly related to that, we've cleaned up the equipment chapter, spells have undergone much review and updating, a couple races (notably the half-elf) have recieved tweaks, and the Gladiator class has been rewritten. There are also a handful of new feats, powers and spells to glance over.