I'll answer your questions as best I can, based on the meeting that Don, Ben & myself had here in cambridge.
First, it'll be based off of ACS 4.1. The ACS 4.1 code freeze is tonight, so by tomorrow morning we'll have a stable code base to peruse.
Yes, PG 7.1 will be necessary. Don has worked with 7.1 beta and it is apparently in decent shape. Hopefully he can chime in.
At this point, we have little choice but to have faith in their ability ot adhere to a release schedule. [7.1 has uber-important features, like outer joins, that ease the pain of porting considerably.] That said, I think we can feel reasonably comfortable working from their betas.
I'm very enthusiastic about OpenACS 4.1. PG has made incredible strides in the past several months, and I believe that the community may be on the verge of developing a version of ACS that is -- in many respects -- superior to the Oracle-based version.