I am very excited about this change!  Anything that rewards people who put thought and effort into their posts is something I am happy about.  Especially if it can encourage "shy" role players to try more often and improve their RP abilities!   I hope this gets people out of their shells and helps them post more.

Any update on when this will be relaunched?

As has been stated previously (On IRC) this feature will return when the bugs and gremlins have been worked out. Until then you the answer to this question will remain the same... When it's fixed. Or so those voices in my head tell me.

I think its a swell idea and furthermore, I think it could allow for GF's and GM's to charge for someone to open a business from out of town. Adding revenue and rules for such/ may bring some cities more together opposed to an all out free for all.