I made some good progress on 0.9.5RC1 this past week. The new installation and database upgrades are working. As noted before, the contact conversion will be normalizing free form data (contact name, phone, email) into the new contact manager. This has the potential to create duplicate contacts if the names or phone numbers have variations.
All that's left is to tidy up the contact management, fix remaining bugs caused by the schema conversion, create a "merge contacts" function to merge duplicate contact records together (caused by spelling/phone number variations), and finish the public interface. I'll also go through the bug/feature list at SF to see if there are any items that can be resolved.
I'm hoping this can be released this month. Following the feedback from the RC, I'll do more RCs if needed until the feedback shows that it's ready for a full release.