We've started the work for it. We've also identified a number of issues with some of our mods (we have a lot) that will work a lot better in 3.4, plus we're also hoping that the Subscriptions (IPB team unofficial mod/hack) will be updated, but aren't ruling out just making it compatible ourselves so we can upgrade, but obviously we don't want to add more work to an already huge task
From what I hear most of our common mod hacks have already been worked into our testing area and I'll also be doing some work there tomorrow and the coming week (mainly testing etc).
I hope we can do it in February, so hold off on the feature requests for the current board atm.
Shortly before the upgrade we may also want some feedback on a few things, mainly to do with off topic forum presentation and permissions.
Neowin will also return with a new theme, either with the upgrade, or shortly after it. The main thing is ensuring everything works properly.