Hmmmm.... well, I'd guess that parrot will be pretty complete (sans some optimizations) in about 6-8 months. As for the design, I'd wager that much more of the language is designed than we think, and just because it hasn't been written down in apocolypse form doesn't mean it is done yet :) As for the interpreter and compiler; much of the perl6 prototype bootstrapper should be salvageable for the final version (although whether that is written in C or perl6 remains to be seen), and the parser has kept up with the apocolypses pretty well. I assume that will be completed by the time the virtual machine is done.
So, give it 8 months at the worst, plus a 2 month grace period for debugging, I'd say about 6-10 months from now. Hmmm... 10 months... August 2003. Just in time for the Conference ;)