It's not quite ready yet, but we're certainly getting real close now! The current public release is version 0.6.4 and the upcoming version is up to 0.8.4 - as you can imagine that means a LOT of changes and fixes has taken place. Here's what you can expect:

User Interface:

• A revamped more graphical GUI
  
• All unnecessary clutter and information removed
• New editor windows for patterns and textures with zoom and move functionality
  

CAS Creation support:

• Unique hair, accessories and clothing meshes, with the exception of morph states
• Flexible polycounts
• New bone assignments
• Animated hair
  

Object Creation support:

• Most of the object types available in the game can be cloned/used as a base
  
• Flexible polycounts
• New bone assignments
• Animated objects
• Adding/deleting variations
• Adjusting the footprint
• Changing the Normal Map
• Modular objects
  

Textures/Materials/Patterns:

• Ability to set final texture sizes with Material Editor
• Editing of Color and HSV patterns
• Exchanging patterns with WSP format between projects
• Possible to view and change material states (dirty and default)
  

Improved 3D preview:

• New higher resolution rendering
• Show/hide normals for the mesh
• Show/hide footprints/slots
• Show/hide all different LOD meshes
• Show/hide the mesh wireframe
  
• Improved shaders now supporting shadows, transparency and bumpmaps
• Preview wall visible when editing wallmasks for windows, doors and arches

Overall Improvements:

• Faster load times
• New and improved Milkshape plugins for mesh export
• Compression of .sims3package files
• Ability to import .package files
• A brand new Wiki section covering all creation processes and how to use the tool

Estimated release date is surprisingly soon - possibly even the coming week!