If you check the qa website you will see that there is a new alpha release of our next minor version PHP 5.3.0 out that is awaiting your testing (remember no whining about BC breaks if you did not test the pre-release versions). Also this time around the Windows infrastructure is in place with its very own website and a large choice of different binaries for whatever flavor of Windows you prefer. Aside from a few additions, it was mainly bug fixing in this release. The biggest changes happened in the fileinfo extension.
In terms of how things will proceed its not yet clear entirely. If you check the todo list, you will notice that we have not yet determined what the next release be. It will either be alpha3 or beta1. Feedback for this alpha2 will of course factor into this decision as well as the out come to the discussion about Marcus/Felipe's namespace RFC. As for the final release its clear now that September is not reachable. Even October is being less likely at this point, we will see how things go, but if necessary things will slip into November.