BuddyMobile 1.0 was just a theme switch. Every page was just a basic WP page reloaded by the browser with a better UI for mobile screens. This worked well enough but it just didn’t give you the polish that single page apps do. BM 1.0 was a mobile version of a BuddyPress site. This created problems from the get go. Not every BuddyPress add on could be supported because of template issues. It created a broken experience by partly supporting what the main theme provided.
Recreating an entire site for a mobile experience is bad UX. Users don’t want all the info of a full social network. On mobile, users want to post updates, get messages or post images. You can supply more info but it should be up to the user to ask for that info. BuddyMobile 2.0 is not a WordPress theme. It is not a WordPress site. BuddyMobile 2.0 is a web based app for a BuddyPress powered sites USERS. A user visits your normal site and there can be a notice to install a mobile app. The app is located on your server that users access from a certain url. You can activate the plugin and have a close to native app experience without dealing with app stores. No app store rejections, no developer cost to upload, no waiting 7-10 days for app updates. BuddyMobile is GPL licensed so you can tweak it, cut it, kill it, stomp or curse it into submission.
When? Soon. Still got some polishing to do. The UI may change. BuddyMobile 2.0 will become a free plugin with a small feature set. To support development, there will be paid add ons (image uploads) and add ons for some other BuddyPress plugins.
Here’s a little screen cast of logging in, posting a status, scrolling and loading more updates: