From the Bell website:
http://www.bellhelicopter.com/en/com...9RapidPace.cfm
http://www.bellhelicopter.com/en/com...29rotor1st.cfm
Looks like Big Mike summed it up well. Concept demonstrator has flown with the rotor system and other component development tests have been conducted. First full test aircraft to fly later this year according to the press release.