Developing a release schedule is unrealistic at this point. We are just getting the authentication/authorization components into a beta state and we are starting in on the Plugin API and general plugin development shortly thereafter. As a compromise, though, I will put together a high level to-do list and publish it here.
For your immediate needs, 1.3.x is the answer.
--Tony
The reason people blame things on previous generations is that there's only one other choice.