The release schedule for Phatch will be synchronised to the one of Ubuntu.
Phatch 0.2 (oct 2008, targeted at Ubuntu Intrepid Ibex)
For Phatch 0.2 I'm thinking about a live image preview. you drag for example any slider in the middle action and you get immediately the result. This will allow more interactive finetuning of action lists.
Phatch 0.3 (april 2009)
For Phatch0.3 I try to implement exif manipulation such as time shifting but also maybe wrap another exif library for Windows & Mac.
Phatch 0.4 (oct 2009)
Although not exposed yet, Phatch is designed from the beginning to work with multi-layered images like Gimp or Photoshop. This will be enabled in Phatch 0.4.