Yes. I do apologize that it's been so long since we first started talking about supporting additional languages, but I can tell you that we haven't forgotten and it's increasingly become a priority. Part of the delay is that we simply didn't have enough people to work on this while still continuing all of our other projects that were in progress (not to mention the standard maintenance work to support 100+ sites). We've expanded our technical team substantially in the past 6 months, and we will be starting work on this project in the next couple of weeks.
It's a large undertaking, so it will still be a few more months before we're ready to talk about a specific launch date for Stack Overflow in Some Other Language, but almost our entire developer team will be working mostly on the localization project until it's complete. Thanks for bearing with us - we're as excited as you are to launch international versions of Stack Overflow!