A package manager is a utility, or series of utilities, used to manage the software on a computer. Most package managers today are capable of allowing software updates with ease, and resolving dependencies, greatly improving the operating environment and user experience.
While they may be good when they're used to manage the entirety of software on the system, most fail miserably when used on other systems. FPM should eventually be useful on the great majority of computers on the planet, whatever the configuration. It should also allow a level of flexability unmatched with any other package management system, allowing the administrator to configure the system as much as he or she desires, with great ease, and the same for distributors distributing software packages (possibly a chain of distributors, too).
All I can say is, no time soon. Maybe one year, maybe 2 years for a 1.0 beta. Maybe it'll take 5 years to get that far. All I know is I (Declan Naughton) want to do this. I'll work on this through my Leaving Cert as much as I can, and I'll probably spend a tonne of time on it next Summer. And I'll work on it during university. If you can help, please do. Without more eventual contributors this project cannot get very far, so getting a development community together will remain a top priority.