It is officially vaporware. The Metropolis Reconstruction website announced a couple weeks ago that it's not happening; my read is that the people who claimed to be doing it had the rights to neither the film itself nor the Moroder version (big surprise). There are still hopes for a region 1 version of the most recent reconstruction, though talk on that same site about using the original score, which specifies an insanely fast speed of 28 fps, makes me worry that if it comes out it will be junk anyway.
Even at 20 and 24 fps things still look comically sped-up; the lethargic UK Eureka disc runs about 12 fps, I think, and that's much too slow. I haven't gotten around to looking at the Films Sans Frontieres disc yet to see what it's like. Alas, they no longer are making them with the cool metallic covers with the Brigitte Helm robot face....
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"This movie has warped my fragile little mind."