PeerGuardian2 (PG2) is underway, and is currently being coded by Don_Phrostbyte. A beta version has been released to specific testers on the forums. However, if you are eager to test out what PG2 will be like, you might want to look at PG Lite - a stripped down version of the upcoming PG2. You can find more information about PG Lite at: http://dev.int64.org/pglite.html
Are you wondering why PG2 will be so great? Well, to name a few features, it blocks all protocol levels, uses 0% CPU, and has 100% accuracy. What else can you expect? A nice GUI, featuring real time logging. A full automatic update service to keep your blocklists updated. Even a plugin system - ever thought of a statistics graph of the things you block?