First draft is complete, along with updates to the importlib abcs for the new protocols.  You'll see the language reference has a new importmachinery.rst file which describes finding and loading modules.  You'll see that the import statement docs have been simplified to point to this for step (1), and now only describe the name binding operations, i.e. step (2).  Various other documentation updates are made, including new glossary terms.

Everything lives in features/pep-420 in the importdocs branch.  I don't know if it's possible to just attach that branch to this tracker issue.  I'd rather not post a patch right now since that's much less convenient for the inevitable deluge of comments I'm sure I'll get.

Off to email python-dev now.