Grid layout is currently being converted at the moment, (driven by Microsoft engineers), and likely will be completed in the M92/93 timeframe (likely feature complete in the next few weeks). A major benefit here will be improved performance for sites which complicated nesting of flex/grids due to improved caching, in addition to raising the number of allowable tracks within a grid.
After that the "final"[1] major piece is fragmentation (multi-col layout, and printing). We (both Google and Microsoft engineers) are currently working on this. It's a complicated space so will likely take a few quarters, however after both fragmentation pieces have shipped we can start deleting large parts of the old layout codebase, and simplifying a lot of code, and redundant steps.
A major benefit of the new fragmentation engine is that a lot more layouts (flex/grid/etc) will properly fragment, which accounts for a large portion of Blink>Layout non-feature (i.e. bugs) "star-count" at the moment.
Happy to answer more questions if you have them.[2]
Ian
[1] "final" is used in broad sweeping terms here. :) There are other projects such as moving SVG text to the NG text pipeline which should dramatically improve complex text rendering within SVG, and getting replaced elements to calculating their size in an "NG" way - improving correctness. However after the grid and fragmentation projects are complete that's when we can start removing/simplifying a lot of code.
[2] I'll also likely do a talk about this at the next BlinkOn in a few weeks.