I don't know shit about Minecraft mods, but I fumbled together a workspace for whatever the latest version of Forge was a couple weeks ago and that's what we've been building it on. I want to learn a bit more about what I can do with blocks and tile entities before I move on to a bunch of the other crap that needs to get done to make this thing reasonably playable and useful. There is a whole lot of shit that needs to be done. No idea when the first release will be. I guess that depends how smoothly things go. I'm still working on DevCPU at the same time, too.
Well, ETA means "Estimated Time of Arrival", and if you're using a rather new Forge release it shouldn't be too hard to transfer it to 1.7.9. I even believe that no changes were made from 1.7.4 to 1.7.9, I'm not sure on that though.