I believe they will be completed before the end of the year. I'm guessing in October/November.
Competitions can use whatever guidelines they desire and still be a BJCP Sanctioned Competition. They could even go back to the somewhat pathetic 1997 version if they wanted or write their own.
What is more likely is a competition will only use some of the new guidelines, the ones that fit the entries they have received in recent competitions.
To say I'll push to only use old guidelines because that's all I feel like learning is really like living in the past. I remember rotary phones, party lines, and long cords on the receiver, but it's a heck of a lot better with a smartphone or a wireless around the house. Old dogs can learn new tricks, it just takes them awhile.