It is still planned but it hasn't been added to the schedule. We did some investigatory work on a new architectural approach and we're waiting on some feedback from our sys admin to make sure the approach would be well-optimised for our server environment (CC @jbw).
In terms of scheduling, unfortunately we're losing one of our developers in a couple of weeks, so our bandwidth has taken a hit. Adding to that is a very high volume of customization work, which doesn't help. (As a result of this, you'll be seeing: full, combined in-store and online order history on the webstore; support for adding, saving, and using/reusing additional shipping addresses [with them being imported into the POS also]; and lots more -- keep an eye on the forum!)
We are hoping to start training a new developer in October and his/her productivity should start to amp up within a few months.
I realise PFS is a general frustration point but there are lots of downsides with the current approach, especially around the code relating to search pages -- the underlying database interactions are very heavy and need optimization -- so we're not comfortable simply patching it up.
While I'm loathed to commit to an overhaul on a specific timeline, we'd hope to get an alpha version in testing before year-end.