Well, DoN's been online for several days recently, but only for short periods of time...he's got Christmas and work to deal with, though he has managed to make more and more posts over the last few weeks, and he recently said that his new work was getting less and less hectic and time-consuming, so that means the TVC II could start again soon.
It's just that chapter 5 needs a high level of GM involvement for the Graveclaw/Rowhaine scene and what Igor sees/does at the chaos camp, and chapter 4 hasn't been posted in yet. In terms of OOC, there is the mini GMs thread to consider as well, and the bios for characters that have not been approved yet. This is probably why it will take a bit of time before DoN can properly restart the TVC II, though when it gets going there's the possibility that DoN will be able to make sure it chugs along smoothly by adding mini-GMs/regulating updates/any other techniques he might have for dealing with the TVC II.
Basically, DoN could be a while (possibly only after Christmas) in fully restarting the TVC II, but because RL is apparently going more smoothly for him now, once it starts, it probably won't stutter as much as it's done in the past.
Waiting makes little difference to me; we can all hang around for a bit longer, because we've lasted for a while already. There are a few members who have disappeared while the TVC II was dead, though, which could complicate things a bit.