Will either this new player or the upcoming v3 player software be able to play Real Audio (RAM, RM) files?

Not a chance in Hell, as I see it.

I can't see that this would be a big deal to implement.

Easy to say when you're not the one implementing it.

Seriously though, name another audio player other than RealPlayer that has RealAudio support. And then subtract out all the ones that pay enormous licensing fees to Real, Inc. What's left?

If any player is to support the proprietary Real Audio formats, they have to pay fees to Real. I can't see that happening with either the empeg player or this 3rd party project.

Sorry to dash your hopes, but you're probably going to have to convert those RealAudio files with Total Recorder or something.