Earlier this month, the Visual Editor team gave an update on their progress and their goals for 2013. Check it out:
https://meta.wikimedia.org/wiki/File:VisualEditor-Parsoid_-_2013-02_Metrics_...
https://meta.wikimedia.org/wiki/Metrics_and_activities_meetings/2013-02-07 has the video on Commons & YouTube. Significantly: the Visual Editor *should* be able to work in Internet Explorer and to handle core basic templates, such as {{cite web}}, by 1 July 2013.