While I look forward to the redesign, it really seems that after having such a protracted amount of time pass with proposed deadlines blown by one by one, that perhaps the best solution to everyone's problems would have been to fix what's making the app broken for those that can't get full functionality on version 3. Would the necessary coding really have taken all that long to bring that part of the app up to speed while Max continues to work on the redesign? I think this would have put out a lot of the fires that are currently burning throughout the user base and make the wait all that more manageable for all.
At this point, who can say if it would be worth it to do? No one has any clue as to where exactly development is. But if it's still a ways off, which all indications seem to point to as the last given estimate has passed us by without another update, it might be the best solution.