I missed this, progress on the new EU directive on data protection and implications on Safe Habor on the excellent Panopticon blog.
To summarize seems they need to trash what has already been created and start again. Germany in the driving seat now, I think, which means there should be some action. Nevertheless excepted completion is this year, 2014. Concerns about the alignment of Safe Harbor with this directive, particularly considering the amount of personal data from EU citizens, e.g. Facebook, etc., that is held in the U.S.