I believe that the Player's Guide may still be in playtesting, but artwork may have already been ordered, as QLI moves slowly but surely towards preparing it for release. (As the primary author is now working on T:1248, I imagine it's all mostly a matter of the final details at this point, and waiting for a printing run to be worked out. Another edit or two of the draft version might come into play based on playtester feedback.)
All of the above is basically a guess, but that's my thoughts on it right now.
Hope this helps,
Flynn