First question when do you think 2.0 will be released?
When it's done. Folks please search before asking this question as it's exhausting to keep answering it over and over. Asking me over and over does not change the answer.
Second question I know community builder has a lot going for it on the back end, but will the aesthetics be up to par with Jomsocial or should I cut my losses and move to Jomsocial?
CB 2.0 will be 100% Twitter Bootstrap 3 driven (CSS wise, we don't use their JS). At this point we only have about 400 lines of CSS that's specific to CSS now and I'm working to reduce it further (this doesn't include backend style fixes). So yes CB 2.0 will be completely up to date with todays standards. You can see a few screenshots below.
Backend Screenshot:
www.joomlapolis.com/forum/6-news-and-publicity/224106-community-builder-20-b2-released?start=18#240472
Frontend Screenshot:
www.joomlapolis.com/news/18402-community-builder-20-cb-20-beta-2-released
Note the frontend screenshots are already out of date as I have improved it even further.
Also I will be providing the LESS files to generate CB template styles. With them and a Bootstrap 3 theme generator you'll be able to painlessly generate new styling for CB 2.0. We will also be generating new theme templates after CB 2.0 release.
In addition to Bootstrap output we now output Fontawesome at all times as well so we've very powerful frontend and backend icon usage. Both Bootstrap and Fontawesome are namespaced so they will not conflict as well.