Last week I fixed most of the fixable tickets for the Theme Directory, switched to using WP_Query instead of the API for server-side rendering of themes, updated the WordPress-based Themes API with changes from the bbpress-based one, and finished the import script for the new directory. @otto42 committed the new reviews code today, so we should be able to get those integrated today or tomorrow.
Which means that we’re going to launch on Wednesday or Thursday!
There is still a lot more work to be done, but everything that’s remaining can be added, changed, or improved with the new directory active. Most importantly we want to make it available to language sites, so that we have an internationalized theme directory, and there will be more to be done around that.