Does anyone know when Ruby on Rails 3.1 is going to be released?
Rails will be released when it works well, and not when an externally imposed deadline says it should be working well. It will be released when it is ready, and when its dependencies are ready.
Looking back in recent history, Rails 3 was incompatible with Ruby 1.9.1 and so the Rails 3.0 release was forced to wait for the Ruby 1.9.2 release. Rails 3 also introduced dependencies on some new projects. In particular, the Rails 3.0 release was forced to wait for the Bundler 1.0 and Arel 1.0 releases. The Bundler 1.0 release was also forced to wait for the Ruby 1.9.2 release. These new projects, including Bundler and Arel and including other new projects such as Mail, made Rails 3 well worth the wait.
Ultimately, for any project, the choice has to be made between (1) freezing all feature development well in advance of a deadline in order to be sure to meet the deadline and (2) actually making the project better, rapidly, and releasing it early and often whenever it is ready to be released.
The answer is likely to be "when it's ready"...
If you're in a hurry and want to start using its features now, you can use Bundler to point to Rails' GitHub repository here https://github.com/rails/rails#
Bundler doc on specifying gem git repositories: http://gembundler.com/git.html
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