https://nxtforum.org/news-and-announcements/development-roadmap-update-2014-07-05/
1. Release 1.2.1e will be scheduled in a few days, with bugfixes to DGS. After more testing, 1.2.2 should be ready for main net, planned for the week of July 14th. It will have DGS, Alias Transfer, and Encrypted Messages features set to be enabled about a week after the release, to give everyone time to upgrade. Therefore these features will go live before end of July.
2. In parallel with 1.2 bugfixes, JLP will finish the work on the 1.3 database persistence branch, which will have no new features and will be compatible with 1.2. After the release of 1.3, in August, both will be supported for some time while making sure 1.3 is stable and fixing any database related performance problems.
3. As 1.3 stabilizes, kushti will port his Voting System branch to also use database persistence, and merge it to what will become the 1.4 release. The 1.4 release will also have the AE dividends payments feature already mostly done by CfB, and possibly Smart Leasing, which ChuckOne will be working on.
4. The Monetary System branch will be delayed a bit as CfB plans to include Mixing (CoinShuffle) in it. The mixing will only work for Monetary System currencies, not for NXT payments. The MS branch needs to be reviewed by me, ported to use database persistence, and merged to the develop branch, to be expected no sooner than 1.5.
5. After MS, CfB will work on finishing Economic Clustering, Anti-Deflation, and the next steps to Transparent Forging, such as Time Warp.
6. After Smart Leasing, ChuckOne plans to focus on Atomic Cross-Chain Trading.
7. Kushti will work on blockchain pruning, improvements to Asset Exchange and DGS, and possibly helping with TF.
8. After the db work and managing the releases of the above features, I will look into Phasing, which includes Multisig Transactions and Escrow and is also related to the Atomic Cross-Chain Trading project.
9. The Instant Transactions proposal by Matt is still in the design phase, and is also related to Transparent Forging. ChuckOne would also assist with IT design.