The 0.13 wallet just got released yesterday. So most of the important tech is now implemented. Obviously development won't stop there but it is already a major step.

http://forum.feathercoin.com/topic/9542/feathercoin-0-13-binaries

A portion of the hashrate comes from coin switching miners. They are only mining ftc when it's profitability is above other coins. This will increase the difficulty and they drop off again just to rejoin later when the difficulty is lower again. That's why the hashrate is rising and falling all the time.