The Clothes Creator tool will improve the way of creating clothes on virtual objects like the SL avatar.                           

 3D Preview

 Preview any of your clothes textures on an avatar. Move, zoom and rotate within the scene. 

 Switch the avatars gender and toggle the skirts visibility. 

 Drawing Canvas

 Draw lines, circles, rectangles, freehand or custom text on the draw canvas.

 Set a custom brush type, its strength, colors and transparence.

 Move, edit, import, export, scale and erase layers. 

 Font Manager

 Manage your installed fonts and insert custom text. 

 Brush Manager

 Customize the brush stroke and get dashed lines of any strength 

 Its still in development but already has its basic functionalities like:

• Preview of an 3D avatar object
• Toggle avatar gender
• Drawing canvas for head, upper body, lower body and skirt
• Import and export of texture layers
• Draw abilities: Freehand, circle, rectangle, paths
• Drawing tools: Move, edit, scale and erase
• Brush Manager for strength, transparence, regular or dashed lines
• Fonts Manager to view all installed font types

 S2CS (supposed to come soon) Features:

• Filter Effect Manager
• Drawing within the 3D scene
• Import of sculpties
• Texture baking

I cant tell any accurate release date yet but a few more weeks seems to be enough time to get missing things integrated (like an undo option! :D) and run further tests on different operating systems as first on windows machines went good expect win7.

There is a discussion thread for any questions and feedback at the official SL forum: http://blogs.secondlife.com/message/215926#215926 

Get some impressions by screenshots

and feel free to leave any straight suggestions&feedback..