Ok it seems that freya is very close to beta now, as I write the bug list on launchpad has been reduced to only 3 bugs 'in progress' .
Well actually it has been down to only 2 earlier but then a display plug blueprint was thrown in plus some other bugs.
elementary freya-beta1 on launchpad
elementary - Live!( A liveticker for the Bugfixes in the elementary project! )
Got some of the info from here: f*ckyeah elementary OS, can't link it because of the forums filter for bad language
As for the luna-update, I would guess that ubuntu-12.04.5 ( should have been released now ) is targeted but thats pure speculation on my behalf.
elementary luna-update is down to only 1 bug 'in progress' but it has been that way for some time now, thats why I think the elementary team is waiting for 12.04.5 , to get as many new hardware configurations supported as possible.
Another quite interesting thing is the ARM support blueprint, it has only one related bug and if you notice, the bug is targeted for freya-beta2.
I'd really like to run elementary on one of these ODROID-XU3, notice that the youtube video on the page is with ubuntu 14.04, so in theory it should be possible with an ARM version of freya