I've been told that SB won't be as drastic of a change as CB was - more like features will be implemented and many additions made and ultimately you'll step back and realize that you're playing Steel Blue. There will be a new client download with more stuff, and there are definite goals to reach for version 0.4 - it just won't be as drastic of a change as the last reworking of almost the entire system.
Volund: Development is going pretty fast recently, actually. These updates we're doing every two months began fairly recently, and a good amount of work really started to be put into the game last year and continuing into this year. 1.0 is rather far to think about, but the next milestone (Steel Blue) may perhaps take a year or two. Or heck, sooner :] Who knows.