The female Worgen model seems to be finished! It was introduced in the latest Beta-build and is now playable on the cataclysm beta servers.
Below are some video's of the male and female Worgen animations. I especially love the fact that they've finally implemented the 'running wild' animation and i must say, it looks really cool.
I'm cant wait to roll me a Worgen warrior. Imagine that: a puppy in plate!