So vtorrent has kindly let me try out the new wallet (minus torrent features); I've been asked to keep the file private but can share screenshots here.
So yes, it does exist. It is functional, it is pretty slick and barring the blockchain completely syncing (it is taking some time) it looks quite nice. There is a BitTorrent section, but it has been deactivated on this particular copy of the program (vtorrent stated that it would be without torrent functionality as this is still in private testing)
New features:
-multiple windows for trading on bittrex
-2FA via Google Authenticator
-Key management
-HD addresses
-Block explorer
Regarding the lack of any update on torrent functionality this is what vtorrent said on December 31st, 2014:
Since Magnetz scam, I prefer to keep all the details about torrent implement from public until we release our first beta client with torrent implemented.
As to when to expect torrent release, I have no information.
are you still running the test client? any updates on your testing?
Negative. I use Windows as my main OS and don't keep an Apple OS running on any other computer, so to get the test client running I had to install a VM. Since then I can't get the VM to run again.
If I did use OS X natively then I assume it'd be running fine still. I did recently try to boot the same VM recently but it unfortunately didn't work.
While still keeping my pledge to keep the code/copy of this particular release private, I did look through as much of the source code as possible (through notepad/etc) and found several references to torrent related things which I can't comment on further otherwise I would be reneging upon my pledge to the developer by going against what I promised to the developer. Needless to say there were several references to actual torrent related terms/details.
I'm not a 'real' programmer or anything, only an enthusiast, so I can't really make any claims to the validity of the project beyond seeing references to torrents beyond what is shown in the current public client and the fact that I'm not a douchebag and don't go against my word regardless of the project.
I honestly don't know where I stand on this particular project. My personal investment is well over $3-4000 USD (which is worth a bit less now), but the dev doesn't seem inspired by making a quick buck and seems devoted towards providing an actual solution, no matter how long it takes. I honestly don't think this kind of tech is suited towards the bitcoin blockchain and works much better as a sidechain.
As much as you should take what I say with a grain of salt, I could easily sell up all my participation in this project and in turn make the price reduce by a hundred-fold, however I still have faith in the developer and interest in where this project could transition in the long term.
I still have the original file/client as provided by the dev for Mac OS X and I could reinstall said OS when I have enough free time.