A new draft came out recently, so things are progressing. From this draft to the finalized version, it should be no more than a year before things are finalized. I should note that this draft is the feature-complete version; from here on it should only be revisions. I was just made aware, however, that the path from draft to actual, published, standard is a very long road. I'll push my estimate of a published, accepted standard out to 2010.
How long until we have full compiler compliance? That is a different story. GCC is making good progress on the language features that aren't libraries (see list of features they have implemented), but has no mention of progress on the concurrency features. I can't say anything for when MSVC/dinkumware/whatever other compilers you may use will start implementing things like lambda.
Boost already has much of TR1 implemented, and dinkumware has it all, so you can start using the new libraries already (maybe not in their final form, however).
