From what I hear, a Penang transport masterplan is in the pipeline, with the state government believed to be working now on the terms of reference.
Once the TOR are finalised, an open tender is likely be held, perhaps in the second quarter of 2010, for the actual work of formulating the masterplan, which could take about a year to complete.
The emphasis of the plan is likely to be on sustainable transport. I hope the masterplan will try and wean people away from private vehicle ownership and encourage them to switch to public transport. In line with this, the focus of new infrastructure spending should be on public transport and pedestrian networks (and perhaps even cycling facilities) rather than new highways. The masterplan should also try and maximise the potential of water-based transport in the state.