This will be released under an open source license so you don't need to worry about it never coming out. But I cannot promise when it will be finished, though. The average time for Ph.D. students here at UBC is 5.5 years and I am still on year one. =) But my goal is to graduate earlier than that. Plus I expect to spend a lot of time upfront getting a proof-of-concept going so you shouldn't have to wait *that* long for something to reach fruition.
I am really excited about this topic! It should be quite the learning experience to do and I really hope it turns out well so that the whole Python community can benefit from the work.