Those of us who are too impatient to wait for the lawyers to do their thing have already started work at the CipherShed site. Developers there have recompiled on Windows and Linux, and there is a person who hopefully will do Mac OS X soon. The near-term (couple of weeks?) goal is releasing a simple rebranded release, to begin reassuring the community that the fork is going forward, and to pipe-clean our release processes.
After that, I expect a release later this summer that addresses the Phase I audit near-term recommendations. After that the more difficult work of replacing the non-GPL compliant code begins, and we'll consider major code changes then.
There are about 5 of us who have compiled the code on Linux and played around. A couple of us have at least a bit of crypto coding experience. We could use more, especially anyone who thinks they are skilled at detecting back-doors. We need GUI/UX coders. We need more general coders, and anyone who feels qualified to work on technical documentation.
I hope the CipherShed effort becomes the officially supported fork while the truecrypt.ch team builds a foundation supporting privacy rights and deals with legal issues. Assuming we go forward with that model, I'd say the truecrypt.ch effort is well under way. Coders are welcome to join right now.