Is it ready yet?

Runnable Server Jar

If you can't use it, there's not much point using it. At this stage, a jar file which will launch an accessible Minecraft server will be avaliable.

API
IMPL
Sponge is now in its Beta release. Documentation and installation notes can be found here. Stay up to date on the forums.
Complete

Plugin Support

Allows developers to create their own plugins for the Sponge platform, which can be installed to modify the behaviour of the server without changing native code.

API
IMPL
Full support has been included for some time. SpongeAPI can be used to write plugins without worrying about the implementation, and SpongeForge provides a working implementation.
Complete

Inventory API

Allows developers to modify the contents of an inventory, which is a neccessity for servers which want to have control over their players.

API
IMPL
½
The API is completed, and Mumfrey has provided a basic implementation of the most important features to SpongeForge.
Complete

Events API

Support for events called by the server, cancellation of these events and also custom events that developers can create.

API
IMPL
The majority of events are now complete, and documentation is provided here. Events may be added in the future, but the most important events are already avaliable for use.
Complete

Text API

Provides a way to create messages which can be sent to players, as well as support for message click/hover events.

API
IMPL
½
The API is complete, and the implementation is very close to being finalized. There are still a small number of bugs which need to be fixed, and these can be tracked on GitHub.
Complete

Configuration

Support for giving users flexibility when it comes to the different settings which a plugin provides. Replacement for YML in Bukkit.

API
IMPL
The HOCON format is implemented, and documentation is avaliable. This may adapt as Sponge grows, but is finalized for now.
Complete

Data Manipulators

Lets developers access and modify data, for example, different properties relating to an entity.

API
½
IMPL
½
The majority of the Data API is now complete, but some API structure and implementations are still missing or waiting upon another part of the Sponge API. Follow the progress here.

Economy API

An API provided to help make economy plugins more consistent and making linking between them easier.

API
IMPL
A commit by Aaron1011 added the basic economy API. A number of third party plugins that implement this are now available.

World Generation

Access to BlockPopulators allowing for the methods used for world generation to be customized.

API
IMPL
½
API phase one has been pushed. It is mostly implemented, but there is still work to be done.

Clientside APIs

Provides developers with the ability to send custom data to the client, such as new textures and sounds.

API
IMPL
This has been discussed very vaguely. Work on this will likely begin once the Sponge servers are complete.
Future Project