I was hoping to have M3 done last week. However, the previous week was a doozy (my company laid off everyone and shut its doors), so I lost a fair bit of time with that. Last week I was juggling interviews and working on AppFuse. The good news is I did complete the documentation for JSF, as well as fixed a number of bugs in JIRA. This week, I'll be working on the Spring MVC tutorial (Struts 2 is already done) as well as XFire and AMP (AppFuse Maven Plugin - for code generation).
I'd like to say M3 will be out next week, but I won't promise anything. The last 20% often takes the longest. 
If you'd like to try out what we've done so far, you could use the 1.0-M3-SNAPSHOT version of the archetypes to create your project.
I've updated the Event Calendar with new tentative release dates.