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1.8 was put on temporary hold so that OF for iPhone/iPod 1.6 could be gotten out the door (1.8 depends on some stuff in OFi 1.6, and there are some important sync performance fixes in OFi 1.6 as well). Ken just posted release notes for OFi 1.6 a few hours ago, so I think we'll start seeing some 1.8 activity shortly.

My impression has been that feature content has also been rather fluid, not just timelines. Good luck getting much more detail than has already been provided about OF 2.0 (and OP 2.0)! The policy seems to be to decide on a group of important features, implement them + incorporate whatever bugfixes have been done concurrently, test/polish until it represents a clear improvement over the shipping software, release.