ImperialXT here, most of you by now i assume have noticed we have released the first episode of Koukaku no Regios. See the links at the end of this news post for info about the series.
First off, this project is not top priority. It is what we are calling a back burner project, which essentially means we are working on this in our spare time, so there is no set release schedule.
We know that we are starting this fairly late, but we will catch up pretty quickly. Episode Two should be out in the next day or so, barring any massive delays.
Next, regarding the v2 of the 480p release, this was to fix some issues that were only present in the 480p version. There will not be a v2 of the 720p release.