I'm not familiar enough with the details to be comfortable giving any specific timeframe, other than it should be coming sooner rather than later. It still needs a lot of testing, whatever fixes are required based on the testing, and (for most uses) a sync-up with a release for the phone.
We are doing some things to improve syncing performance, but there are some bottlenecks (basic app launch time being one of them - I think the fastest any app on my phone launches is about 2.5 - 3 seconds) and a lot of the slowdowns have to do with clients that aren't syncing often, or changes coming from multiple clients, etc. - things that require more work to handle rather than actually spending time passing data around. Those things aren't going to be sped much by local wifi syncing. (But as I said, we're working on improving those issues, which will hopefully make things better for everyone.)
We are doing some things to improve syncing performance, but there are some bottlenecks (basic app launch time being one of them - I think the fastest any app on my phone launches is about 2.5 - 3 seconds) and a lot of the slowdowns have to do with clients that aren't syncing often, or changes coming from multiple clients, etc. - things that require more work to handle rather than actually spending time passing data around. Those things aren't going to be sped much by local wifi syncing. (But as I said, we're working on improving those issues, which will hopefully make things better for everyone.)