From a passenger perspective, at first glance, the baggage system would appear to be operational. I can only assume that behind the scenes it’s not yet ready as customers are required to walk from the BA desks to the ‘injection’ point by the easyJet desks. When up an running it’ll be a similar set up to what I’ve witnessed at a number of airports in the USA.

This link has more information on the project and a video/pictures of the new setup. It has looked ‘finished’ for quite some time now...
Europe's Largest LED Check-in Display