What's coming
In developmentSettlers III is still being built. This is what's on the way.
The core of Settlers III is running: regional resources, weight, gravity, ships, nutrition, weather, wildlife and a player economy. Some parts are still being finished.
The full map
The whole Caeldun Isles map (every region on one continuous world, blended where they meet) has been generated and is being prepared for play. Regions that don't have their own detailed study yet (Fearnmuir, Dùnross, Ruannis, Maigor, Colvane and Ardnamor) take their land's character on the full map.
Regional livestock
Each land's farm animals (sheep in the Outer Isles, chickens in the Spiderholme Isles, cattle and pigs in the Breadbasket, aurochs in the wild lands) are being settled into place, so bringing animals home by ship becomes part of setting up a farm.
The rainforest look
A custom texture pack is growing to capture the feel of a cold temperate rainforest: ivy-hung oaks, island wildflowers, and the region's own birds and beasts. Parts of it are already in the pack the server sends you.
Still being thought through
Plenty more is under consideration. If you have ideas, raise them in game with /helpop.