I have high hopes for it.
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This is being worked on by several people from Google. Seeing as how the BDFL is also employed there, this is a positive.
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Off the bat, they state that this is a branch, and not a fork. As such, it’s within the realm of possibility that this will eventually get merged into trunk.
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Most importantly, they have a working version. They’re using a version of unladen swallow right now for Youtube stuff.
They seem to have their shit together. They have a relatively detailed plan for a project at this stage, and they have a list of tests they use to gauge performance improvements and regressions.
I’m not holding my breath on GIL removal, but even if they never get around to that, the speed increases alone make it awesome.