In reply to Mikus (@mikeh00).

I don't think it's ready for 4.0. Things are still in flux with the Frontend editor, especially with the changes to the theme customizer now becoming the customizer. I think we'll see a experiment in the dev cycle to 4.1 of the editor using the customer in someway to provide the editing experience. But none of that is confirmed, just speculation on my part.

There is this from May http://make.wordpress.org/core/2014/05/30/gsoc-editor-experiments/ but I haven't seen an official update on the status of the front end editor in awhile.