A little bit of everything comes to ExpressionEngine 3.5.0. Label /Value Options, Model Query Performance, PHP 7.1 Compatibility, Category-related Variable Improvements, File Field Interface improvements and more. Read the change log for full breakdown
Current state of play is "Currently we already working to fix some important issues in the main EE2 branch. Also we have started working to port Wyvern to EE3 and are in a very far stage. So no real ETA at the moment when we can release the first version for EE3, but we are aiming for mid February / early March."