As I understand things, it was due to be done about November last year, but was delayed in order to get more "closed time" and do more work. Ballast arrived late December, hauled through to Horsted by a class 66 diesel - they seem to be regular visitors to the railway these days!
News about the points and the recent land slips are here: http://www.bluebell-railway.co.uk/bluebell/ext/inf_news.html