We've sorted out the memory issue! It's in the past now...I think..I can't remember. Har har. Unique entities per transform is also done and thus layout issues we've had (think double links to entities and links not moving with entities when you move them around). An icon browser for the custom entities is in the works and next week they tackle licensing (this means we can actually push the client out to people). The v2 to v3 conversion is done - so you'll be able to use v2 servers with v3 client without a problem.
Server side me and Andrew took a fresh look at the NER stuff. It's super exciting and we think we have something that can really work (without frying our servers' CPUs). It takes a long time to test and tune, but I am confident that we'll ship it with v3. Yipee!