Good timing! Ben and I met with Adam Farkas today at ars Digita to talk about this very subject, and Ben and I are going to spend thursday poring over the data model for 4.1 in order to scope things out in detail, and to begin the process of setting up guidelines for porting things like the PL/SQL packages that implement so much of the basic functionality of the new toolkit.
Expect more news in a few days.
PG 7.1 is either in its second Beta (first for the public at large) or will be momentarily, at one point it was going out last Sunday but I think a few more bug fixes are getting shoehorned in at the last minute.
Regardless, it seems in good shape - apparently sourceforge.org is now running on top of a pre-beta version of PG 7.1 ...