Allows the ability to have a membership based page and post restrictions.
Synergy Software Group LLC (now out of business) open-sourced their commercial WordPress plugin WP-Membership 1.1.3. This plugin is based on that original source tree. (Thus why it starts on version 1.1.4)
I work on Free WP-Membership as time permits, so the best answer I can give is "When it's done". With that said it is open source and you can contribute to it. To do so simply fork the project on GitHub and submit a pull request with your changes. Now while I don't have any specific dates things will be done, I am keeping a current list of the sequence things are planned to be done at Issues and GitHub.