Hey folks :)
Good news before the end of the year! * You can go to test.wikidata.org right now and test out statements on properties. If everything goes well we will make it available on Wikidata in 1 week. One thing that is missing is a new datatype to link to other properties to indicate things like "property x is the inverse of property y". That will come a bit later. Discussion about proposed properties to be used on properties is happening at https://www.wikidata.org/wiki/Wikidata:Property_proposal/Property_metadata * Language fallbacks are coming. This is a first version. It'll only show fallbacks of linked entities on an item. So if you are viewing an item with a statement linking to another item you will see a label in another language for this linked item if it doesn't have a label in your language. Fallbacks are currently implemented to follow the fallback for system messages. Unfortunately you can't try that out on test.wikidata.org yet. That'll hopefully happen next week. It should go live on Wikidata in two weeks.
Cheers Lydia