There's a lot more going into V1.17 than a few bug fixes, so I would imagine it's still going to be awhile. News about the migration has it's own stickied thread
here, and you can check out the developer's blog
here for current progress.
Quote: "Graphical Features
-------------------------------------------------------------------
Bloom (Fullscreen Shader) - COMPLETED (v1.17)
Depth of Field (Fullscreen Shader) - COMPLETED (v1.17)
Motion Blur (Fullscreen Shader) - COMPLETED (v1.17)
X10 Normal Mapping (PS2.0 Shader) - COMPLETED (v1.17)
Specular Mapping (PS2.0 Shader) - COMPLETED (v1.17)
Animated Light Effects - COMPLETED (v1.17)
Particle System - COMPLETED (v1.17)
Displacement Mapping - COMPLETED (v1.17)
Tone Mapping - COMPLETED (v1.17)
Water - IN PROGRESS
Dynamic Shadows - IN PROGRESS
New Weapon Animation Additions - IN PROGRESS
Updated Stock Characters - IN PROGRESS"
Kravenwolf