Do you have any updates about this one? Because it has been almost two months now and we haven't heard any official announcements from theymos about it yet (he didn't even made it official with a thread announcement). Coming from a private message from KWH it looks like theymos wants the development of this system on closed doors meaning the implementation of this new system might not be final yet as coming from his private message he might be busy as the news system implementation is already one month behind schedule.
No, I do not have anymore information than this. Perhaps we can ask KWH about it.
Personally I am waiting for this feature to be implemented. I feel myself insecure for my account. The stuffs are happening with account recovery should need to be improved. We can not just blame the users for getting their accounts hacked. Any account could get compromised no matter how hard is your security system.