There will never be any further work done for the ray-traced 3D renderer. It is an obsolete feature being phased out in favor of superior ways of working with 3D in After Effects.
To work with 3D in After Effects, we recommend using Cinema 4D (which is included with After Effects now) or one of the many 3D plug-ins such as those from Zaxwerks, Mettle, Video Copilot, and so on---depending on exactly what you're trying to accomplish.
Thanks. That was a very enlightening and quick answer.
My next question would be what IS a good graphics card for working with after effects and cinema 4D? Does it have to be a quadro or can it be a simple geforce?
The GPU is mostly irrelevant for After Effects and Cinema 4D. Both have OpenGL features, but they don't demand an expensive GPU.
See this page for details of GPU features in After Effects: