Well sculpt and animation has gotten a lot of focus and been improved greatly. And now there are GSOC projects for sculpt tools, multiresolution work (including masking and hiding) and input devces as well as bullet physics aimed for animators (and not just a side effect of BGE)
Wait, you want more than an animation system recode (animato), multires modifier (for sculpt), complete new UI, python access to pretty much everything, an (incomplete) external renderer api and hundreds (thousands even) of other changes?
What got me a little confused is if the final program is going to be called now Blender 2.5 or Blender 2.6 as it was in the old roadmap. How is the final version going to be called?
I think there will be a 2.5 Beta version which will be updated, I.e. 2.5.1, 2.5.2 etcetera and then when 2.6 comes along that will be seen as the final new version for the re-code, if that makes sense. Since 2.6 will/ should have all functionality of 2.49b, plus things like Bmesh and full finished API’s.
doesn’t beta mean that there is a feature freeze and what should be going on only will be bug fixing so bmesh, render stuff, gsoc projects will come in post 2.6.