When we started the first Scrum-style sprint for TYPO3 Phoenix some weeks ago we all were optimistic. In the end it took us a little longer (that's what you get when all those involved forget about holidays and conferences overseas) but we had quite some success.
Now we are already near the end of the second sprint, and TYPO3 Phoenix already looks like a CMS. It can have pages and text content, uses TypoScript for rendering and Fluid templates care for rendering of the page as well as the individual TypoScript objects. Menu rendering for hierarchical and breadcrumb menus is implemented and can be configured with TypoScript. Phoenix can import sites from XML and the editor interface provides ways to change page titles.
Talking about editing: We have some great plans in the pipeline that will blow away everything you ever knew about frontend editing. We hope to have some first steps towards that done during the TYPO3 Developer Days 2010 currently taking place in Elmshorn.