"When its ready" is the official line (rightly so, nothing more annoying in software dev than working to a deadline).
That being said, the phrase "jumped the shark" is feeling more and more appropriate. The modding community is dead in the water as theres no point if v2 is going to release, and forums as a whole seem to have taken a massive nosedive in the last 18 months or so. Really need something totally new instead of a rehash of what we've already got. In the time its taken for v2 to be developed you've got the likes of Flarum who've come up with a novel new concept forum in a much, much shorter time period, although granted they've not got anywhere near as many features that need working out.