@harry: sure, I am working on it day and night. Fixing the last problems and hope to get the release online in two weeks.
It will be a standalone release and not part of an official Arduino release.
I test everything under Windows and Mac OSX. And of course the sources are released too, so anyone who has Linux can give it a try as well. So if there are any requests for changes in the (original) IDE please post them here soon.
Also have a look at the project page (http://www.luminet.cc) for changes. The package will be release there.