The aim of this module is to greatly reduce the load to the site's database by using "virtualized" fields instead of "real" FAPI fields.
Actual development state:
The data structure administration interface now should be likely ready-to-use. It may be the case that some additional settings will find their way into the interface, but this will not affect the functionality itself.
The entity edit forms are now populated with a proper interface for the field structure defined. Form validation of the fields as well as re-populating the form with previously entered data is already achieved and working. The data is properly stored to and retrieved from the database now! Yay!
There are already some working field types: plain text fields, text areas, node-, user- and term-reference fields are all functional and working!