Good news everyone! According to the new update on the Earthdawn 4th Edition kickstarter project, the official PDF release of the Player's Guide is just round the corner.
A little less than a dozen pieces of art are missing. The PDF should be released by the end of January. Once the electronic version is out, FASA will give it a week to cover some additional bugs, typos etc. Then it will be sent to the printers. The print version should be available in February.
As for the Gamemaster's Guide, unfortunately it's way behind schedule. Josh is polishing the rules section, Morgan Weeks (aka Panda) is working on the magic items chapter. The rules for thread items are not going to change, but the items will be revised, and there is going to be some additional advice on using magical treasures in campaigns and adventures.
The work is also being done on additional material concerning managing fights, and opponents stats, especially armor values. During game sessions Josh saw that because of the new Armor-Defeating Hits rules the fights with high-armored opponents tend to be much longer. So this is going to be handled, and the armor values of the opponents are probably going to be lowered, at least those which are too high.
Last, you can look at some new art preview. I really like the Laubenstein's t'skrang :)