As a web developer myself, I know goals and ETAs are great, but rarely on target. ETA even means Estimated Time of Arrival, not a specific date. And while I am very, VERY anxious to get a 1.5.x version out, and I want it with RedPower, I am not going to get it unless something happens outside of my control. And you know why? I am not the one writing or testing. If you are, then you have a say in it. Until then, either mod it yourself, or just chillax. Do I want to wait for a 1.6 release of the Ultimate Pack? No, but I have to. Would it do any good to complain? Not really - no magic wands here to just get it done. I think the folks at FTP do a great job but unless they live, breathe, eat, and sleep FTP (I'm sure some do), I doubt it is going to get done any after than it is. And then, the mods may not all be done and if - heaven forbid - they leave something out just to release it, people will complain about that.
So, play a solo game with 1.4.7 and see what fun you can have. Sit down and work with turtles and develop your own set of code for the upcoming server (lua isn't that bad to learn). Figure out all the nuances of Mystcraft so you know how to create that "perfect world" when you need it. Play with the Bukkit interface that is supposed to be out that works with FTB now. There are tons of things to do.
Oh, and if you are "bored" or "sick" of 1.4.7... don't play. There are a LOT of other games to play. Don't come here and post negativity when the majority just want to check quick on the status and hope the massive length of the thread makes people thing there is something important to know (heck, what I am wiring here is TDL anyway!!)
Keep up the work, all you modders and pack makers. I'll keep playing! If nothing else I can find a good seed or two (or 12) and see how they end up with the newest version!