12.1 (July 2016)
a project that takes commands like "masternode create 'name123'", "group create name blah" (sentinel)
a core update that uses generic governance objects (12.1-core-gov)
a decoupling layer between sentinel and dash-core (mysql database relational layout crontabs classes objects)
a trigger system which allows sentinel sybil-proof secure control over the entire network (governance-misc.h)
a trigger system which can send payments, ban blocks, ban users, update settings
a scriptable, easy to understand turing complete python implementation for controling the network (brain.py)
various signaling methods between masternode network and governance objects (fund, end, valid, failure, endorsed, outerstorage)
support for users, groups, companies, contracts, proposals, projects, project-milestones and project-reports (classes.py)
Doesn't this imply that the basic deterministic wallet and payment by name will be implemented by July?
No it does not imply that. It refers to new parameters that are part of the next iteration of the governance system to make it more complete and flexible.