Sadly, it doesn't look like X.Org 7.5 will be able to make it out in August. In order to hit an August 17th release date, X Server 1.7 was supposed to be branched from master back on the 6th of July. Over two weeks later, that has yet to even occur. Two days ago was the second X.Org 7.5 milestone, but that fell through too. Throughout this time there still is no revised release schedule available or any communication from Daniel Stone (manager of the X Server 1.7 schedule) regarding these delays.
On the 20th of July there was supposed to be the "Code freeze 1.7, release 18.104.22.1681, 7.5 beta 1; no automatic updates beyond this point." Well, there is no X.Org 7.5 Beta 1 let alone any code freezes or stopping the automatic updates, considering that X Server 1.7 is still living in master.
X.Org 7.5 is just the latest release that has been challenged by multiple delays that end up spanning months. This problem has been going on for quite a while now due to having not enough developers for this critical piece of free software, and at the same time, X.Org has been undergoing radical changes.
Among the features that can be found in X.Org 7.5 once released are X Input 2.0, Multi-Pointer X, E-EDID support, and it will also be the first official X.Org release with RandR 1.3 support. Input master Peter Hutterer has been getting ready for this next release with several new input-related packages having been announced in recent days, including libXi, xextproto, libXtst, inputproto, and libXext.
Maybe we will see X.Org 7.5 in September?