The release plan is constantly being reworked as implementation moves on.
Features might be moved to different releases while new features are added, too.
I'll try to keep the orginal releases, for when a feature had originally been planned, in brackets.
What you can also see from this list is which features will be there in a minor release and which features are scheduled for a major release.
Release 0.0.5 (est. Feb 08)
Improve map generation
More terrain (rivers, hills, mountains, forest) (was 0.0.4)
MiniMap (was 0.0.4)
Release 0.0.6 (est. Jul 08)
Technology
More unit types
Context menu in map
Release 0.0.7 (est. Oct 08)
City improvements
Governments
Release 0.0.x (not scheduled yet)
Smoother map edges (needs new images for the boundaries) (was 0.0.3)
Worker actions, i.e. terrain improvement
Release 0.x.x (not scheduled yet and [very] far away)