The commit message for this new GRUB 2 font engine can be read here. The new font engine was committed to the project's Savannah SVN repository on Friday.
Also being worked on for GRUB 2 is scripting support with various language features, dynamic loading of GRUB modules, real memory management, support for various architectures, cross-platform installation, and a bootloader rescue mode. More information on GRUB 2 can be found at GNU.org. There is, however, no definitive release schedule for GRUB 2 at this time.