Any new rumors as to when the official ATP rule will be released?

I believe it goes into effect August 2013 and is pretty much a done deal.

This is my understanding as well.

Come on people, the ATP rule is scheduled to be here in August 2013. What he is getting at is the FAA should be releasing their decision for the requirements of the new ATP August 1, 2012 - Just a few days away. This could be a real game changer.

Right. Is it set in stone that Aug 1, 2012 is the date for release?

Congress passed legislation requiring part 121 pilots to hold an ATP license. The FAA is going to issue new rules on the requirements to hold an ATP license, that's what is in question. The NPRM proposed a limited ATP certificate to those who come from the military or have a 4 year degree with 1,000 flight hours and 1,500 for everyone else. The final rule should be issues anytime now after the FAA reviewed comments from interested parties.

Personally I think that the RAA (regional airline association) should purchase 10-15 C162's or DA-20s and take pilots from 800 or so hours to 1,500 to get their ATP at a discount rate.

It is not just the total hours in question, but the type of hours. For example, if everyone had to get 1500 hours for an ATP, part of that would be 500 hours cross country. That will not be easy when flight instructing, dropping skydivers, etc..

500 hours cross country time while instructing is one of the easiest metrics to meet.

When instructing, how much cross country (%) is usually flown?

Read the FARs WRT to the logging of x-country time applicable to ATP minimums.