The project has been a long time coming, and we still do not have any definitive due date for its release, I'm afraid.
We're aware that this has caused something of a bottleneck in our development process and we apologize for the inconvenience, but it is more of a "not in the foreseeable future" than "just around the corner" issue. At the same time a lot of our other planned upgrades depend on it, so we hope that the upgrade is finished sooner than later.
The biggest improvement will be accessibility, Apple and many other mobile devices do not support Flash, but the other advantage is once this one big hurdle gets cleared it will be a lot easier for us to implement fixes and improvements that we've had to work around in the meantime.