This revised schedule puts the feature freeze towards the end of May, the X.Org 7.5 Beta 1 release on the 19th of June, a second beta and release candidate in early July, and then the final release of X.Org 7.5 / X Server 1.7 to come in the middle of July.
The big improvement with X Server 1.7 will be the integration of X Input 2, XKB2, and finally the enabling of Multi-Pointer X. Besides that there is plenty of other input and graphics work going on too, as you know from reading Phoronix.
There is a bad track record within the X.Org community of delivering new releases on time, but let's hope they are able to commit to this schedule and that we see a release in July and not September. Daniel's revised X.Org 7.5 release schedule can be found on xorg-devel.