I know a few people working on this but i feel it should go a lot fast considering all of the components out already.

Correct me if im wrong but...

We have stickmount working (root)
USB-OTG (with or without)
External Storage (root)

So how come we cant solder directly to the usb connection (internally making a OTG by crossing the sense connection with the ground)

http://www.ebay.com/itm/Micro-USB-Host-OTG-Cable-W-Micro-USB-power-for-Sam-sung-i9100-i9300-i9220-9250-/160893129116?pt=PDA_Accessories&hash=item2575fa519c
for the charging and otg connection. (not sure if theres a better cable out...)
http://www.newegg.com/Product/Product.aspx?Item=N82E16820139080
For form factor i was thinking this would be the best option

http://forum.xda-developers.com/showthread.php?t=1092493