The VirtueMart Development Team is currently busy fixing bugs for VirtueMart 1.1. We are very unhappy with the current version 1.1.3 - it suffers from various bugs that sometimes make it impossible to use VirtueMart (e.g. in Internet Explorer < 8). That's one of the main reasons why there is no updated version of the VirtueMart eCommerce Bundle.
A list of critical and major bugs in VirtueMart has been compiled from our Bug Tracker, so when all of them could be fixed, VirtueMart 1.1.4 will be released (probably next week).
Besides that, planning for VirtueMart 1.2 and 2.0 has continued. More details about that will follow soon.