Here is the current Development Roadmap for the game. Note the ordering of the roadmap was decided by the community on this thread on which you can also find more details about all the upcoming updates.
Note that the Development Roadmap excludes content updates for the game - the upcoming content updates can be seen on the Content Roadmap thread that BigGrim posted.
Recenly Completed (Released Date)
Make new players exempt from Guild Conflicts (16th May 2014)
Improve Guild Chat (15th May 2014)
Increase Avatar Image Max Size and Character Bio Max Limit (21st May 2014)
Add Direct Link From Forum To Player Profile (9th Aug 2014)
Improve Quest Book (18th Mar 2014)Improve Auto-Fragmenting (18th Mar 2014)
Make Gold Upgrades Reset at Midnight (Server Time) (7th Mar 2014)
Create New Items for Chests (28th Feb 2014)
New Guild-based Medals (21st Feb 2013)Buff Marketplace (10th Jan 2013)Improve Hellforging (20th Dec 2013)Improve the Backpack Interface (14th Nov 2013)Improve Composing (25th Oct 2013)
Currently In Development (Target Release Date)
Change PvP Ladder hits to not be bountyable (20th May 2014)
Arena Improvements (3rd June 2014)
Planned Development (Target Release Date)
Add New Unique Items and Medals to Guild Conflict (23rd Apr 2014)
Improve Quick Buff (30th Apr 2014)
Fallen Sword Point Vault (Bank) (20th May 2014)
Extract All (3rd Jun 2014)
Improve Marketplace (4th Jun 2014)
Add Top Rated Section for Titan Hunters and Super-Elite Slayer (6th Jun 2014)
Improve the PvP Ladder (13th Jun 2014)
Improved Item Compare (20th Jun 2014)
Improve Auction Notification Messages (21st Jun 2014)
Improve Top Rated (27th Jun 2014)
Guild Conflict Structure (3rd Jul 2014)
Invite to Guild Button (7th Jul 2014)
Improve Secure Trade (10th Jul 2014)
Make Map Footprints Persistent (17th Jul 2014)
Wiki / Ultimate Fallen Sword Guide Link (18th Jul 2014)
Improve Secure Trade / Send Item Feature (24th Jul 2014)
Improve View Creature Popup (25th Jul 2014)
Add New Player List for Mentors (29th Jul 2014)
Hide Perfect (30th Jul 2014)
Add Useful Links to Message (2nd Aug 2014)
Re-design Diamond Medal Artwork (7th Aug 2014)
Improve the Attack Player interface (14th Aug 2014)
Note the Target Release Dates are estimates, we expect some updates will be finished quicker and some may take longer than planned, however we'll keep the Development Roadmap updated as we implement the improvements.
~ The Fallen Sword Team