Lots of hard work has lead to the release of S\4 HANA 1708.
This release DOES contain the new SAP Advanced Variant Configuration Engine (known as the AVC)..
You can see a series of short videos about the AVC at this link;
The next major milestone is the 1709 release which is the On Premise version of S\4 HANA. This ALSO contains the new AVC!