The current version of CAREO is 3.something, and does a bunch of neat stuff (I'm planning on writing a brief "History of CAREO" to show the progression of the software).
The upcoming "CAREO/Extreme" version will be 4.0 (due hopefully this summer), so I'm going to be switching my focus to helping King out with his work on CAREO/Extreme (by documenting the rest of CAREO 3.x, doing a gap analysis between 3.x and 4.0, and helping him finish/refine the new frameworks and plugins).
This is going to be an extremely exciting time for CAREO development. The new "Extreme" version appears to be unbelievably flexible (hence the "Extreme"), and will let us to many MANY cool things with the repository that just simply wouldn't be possible with the current code base.
I'll be documenting the migration of CAREO to CAREO/Extreme, so feel free to follow along.
Note: for anyone who has (or is about to get) a version of CAREO, you'll be getting the current 3.x code base, but we'll migrate you to CAREO/Extreme when it's ready (your metadata will and 90% of the rest of the data will Just Work. Theming may need some more work, but we can help out there).
Note 2: The only code changes I'm planning are for stuff directly related to the MedCIS project, since we're in the middle of integrating with their portal, and they need some minor modifications and extensions to the 3.x code. Other than that, no other changes to CAREO 3.x will be made. All new development will be focussed on the 4.x code base.