Oh we will have plenty of work to do once it's released, fixing stuff and creating the next dungeons etc. But honestly we just can't give a release date just yet, why?
Because currently classes spells/talents are being fixed, next comes the testing of our dungeons so we can set damages and healths.
Theres just no way for us to be able to know when this will be done because problems pop up which takes a while to fix, then we get back on track.
Also VIP on the new realm is just going to be on the store for people who want to skip months and months of farming to get gear,
kinda like buying boosts on Retail which costs a lot to get Mythic gear.
Yes VIP will be slightly better than farmed gear, and VIPs will get some extra stuff which must be decided soon.
Anyone with farmed gear right now on Reaper won't have it on the new realm, it's a fresh start for those players.
Although players who farmed the top set on the current Reaper will get something on the new realm.