Was hoping for just a general estimate on when this update will be release. Q1 2020?
Although the work is in progress but still you can use it and also you can provide your valuable feedback to the Episerver team. On below link you will find instructions to use and install
Update for what part? This is a labs project so not an offical package, it's being updated all the time with new features and if there's specific bugs/features you want you can get involved in the project. Also any questions/bugs should be put on the GitHub project.
Ah, my mistake. I thought this was going to be an official update to the CMS. Is there any plans to bring it into the core product?
No, the point of Labs is for Episerver Employees to be able to work on interesting projects and engage with the community to create cool new things. It may be possible some might get folded in to the CMS but the point of these is community drive, faster more experimental rollout but that also comes as the expense of less testings as it doesn't go through the standard episerver development process.
Read more here https://world.episerver.com/blogs/john-philip-johansson/dates/2019/8/introducing-episerver-cms-labs/