I personally wouldn't view Splats as offering faster rendering - rather they offer far smaller data sizes and better quality than the good ol' point clouds that were the only way to do this kind of thing before, and that's where their benefit lies. I have no idea whether they are faster than point clouds, never looked into it as I don't see that as being what their strength is :) They may also be easier to generate than point clouds, needing less data to get to good results, haven't dug into that since generating the splat from photo / video data is not part of what we are implementing here.
As to when, the answer is Corona 14 :) Which is set for November. It will be out in dailies before then, but dailies are not production-ready, so depends on what you mean by "implemented". If you just mean "when you can try it out", that will be in some daily sometime, but we don't set dates or estimates for dailies and when something will appear in one. All I can tell you is it is already mostly working in internal builds, for Max at least.