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It's mostly under-the-hood work going on right now. Porting various bits of calibre from using Qt WebKit to Qt WebEngine and porting calibre to work with python3. The major user-visible change in v4 will be a totally re-written viewer, which will share the same codebase as the current content server viewer and gain support for annotations soo after 4.0 is released.
As for an ETA -- a few months most likely. Depends on how many hurdles the porting work encounters.
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