The initial version of FLaT has been released, but the next release will consist of the new code base. Not all features and functionality of FLaT 1.0 may exist in the first release of the new FLaT, but the goal is to meet and exceed its functionality as soon as possible.
I am just getting started. The CVS repository should be populated soon enough, and I will then work on getting the first release out. It won't be polished, but it will be good enough to get a taste of things. Stay tuned.