Previously their early-look ISOs were still based upon Build 147, but now the developers have pulled in the b148 work and other changes.
No official release announcement has yet to come down and this community project derived from the OpenSolaris project still has no road-map or really anything else to announce at this point.
Those interested in grabbing OpenIndiana b148 can find the ISOs in this directory.
You may also be interested in our recent Solaris, BSD, and Linux benchmarks. The tested operating systems included OpenSolaris, OpenIndiana, PC-BSD, Fedora, Ubuntu, and Augustiner-Schweinshaxe.