Brief update; longer update by end of next week in terms of papers.
The committee did discuss modules at its last meeting in Urbana, IL (November 2014), including the Revision 2 of the current proposal. I expect to update the community at the Lenexa, KA, meeting next month.
I believe there are currently two implementations (VC, Clang) working furiously to implement the core semantics and test them internally, in order to provide feedback and refine the current proposal.
Many in the C++ community will agree with you that this is a feature that should not be postponed. We are working hard to meet various expectations.
-- Gaby