From Joseph Eagar's blog post, it seems that BMesh is nearing completion and that he's aiming to do an intense testing sprint in near future.
BMesh is a new mesh system for Blender that will make it much easier for Blender developers to manipulate mesh data. One feature of BMesh is n-gons, which was explained to be just a side-effect of the system but I guess almost everybody would love to have that.
from the blog post:
BMesh is nearing completion. I’m currently doing another merge, and I’m aiming to do an intense testing sprint in the near future. My life is rather hectic at the moment, but hopefully I will get bmesh production-ready as soon as possible.
I’m currently in northern Utah for health tests. I’m planning to head back to northern California (Sacramento) in a few weeks. If anyone knows of competent blender modelers in travel distance of Sacramento, I’d appreciate very much if they could leaves comments or email me so I can start making contacts (don’t post email addresses though).
I’m not sure of an exact time frame for completion (some unpredictable things came up) but hopefully bmesh can be merged into trunk sooner rather then later.