Yes, it will allow syncing of last read position and all annotations, in general, eventually.
As for following its progress, you can always run the new server like this:
calibre-debug --new-server -- --auto-reload /path/to/calibre/library/folder
if you run calibre from source. However, the reader is nowhere near ready yet. I will make a beta announcement for calibre 3.0 when it nears completion, at which time people will be welcome to test it out and provide feedback.
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