With the last of V1.6 sold yesterday, we are using the proceeds of the sales on the development of the next version of the FC. The new version is quite different and includes a lot of new functionality some of which is intended for use on pyro rockets.
We are also aiming to reduce the overall footprint and weight of the FC by using surface mount components. Circuit design is about 2/3rds done but the software spec for this version is only about 1/4 complete. The core is still based around the PIC16F628A but will have a few more support chips to offload some of the functionality.
The expected time to completion is likely to be around 6 months as there is a lot of new code to write, but that may be pushed back further depending on time allocation priorities on all other projects currently under way. I'll post progress updates and more details when significant milestones are achieved.