Not finished, no . A lot is done, but a lot is planned and needs to be fleshed out. Redigit had big, BIG plans back in 1.2, but was rushed to release early. Cenx has really aimed to not pressure him for 1.3, so that he can hammer it all out. I'd say we'd be lucky if it is out within the next few months, even. But I assure you, when it's out, you'll be -very- glad it was not released early. Right now, it'd be like a puzzle without very important pieces. Remember, this is the last update he will be involved in for Terraria. With that said, he does not want to leave it with any unfinished business.