Raaah, wrong! I was betting on World on Fire! Still happy though, I can't wait to see new Spellbound stuff. What do you mean by first half? Just half of the work or are there going to be two separate PDF releases?
Spellbound will be the comprehensive book on arcane magic for Fantasy Craft - that plan has not changed. However, a bunch of work happening there needed to be done prior before the errata can be finalized and released - print schedules and all that.
By the first half Alex does in fact mean half the work - the spell grid, specifically, which has been my all-consuming focus for the last two weeks. Coincidentally, I've had to write a great many of the spells in the process, if only to prove the concepts as I go (and because it's just as easy to write many of them as explain them to freelancers).
Once I know nothing will move, I can fold the few changes required back into Chapter 3 of the core book, along with the rest of the errata, and we'll get this the Second Printing off to press. You'll see the official errata release a little after that (when we're absolutely certain nothing else will shift around).