It is on the test server now. Note that it does not look the same to spectators as it does to the player. So while you may to yourself look like you have aimbot it does not look like this to anyone else. Same for planting the bomb when you spec or are not the actual player nothing looks strange. So below is how it works:

Item removes footsteps sounds and will amke player appear crouched unless they jump up. However, they are not actually crouched and you can hit them as if they were standing unless they are actually couched in which case the hitboxes will be aligned.

When planing the bomb it will look and sound to you like nothing is happening when in reality it is being planted so keep holding fire as normal.

When shooting your screen may shake, this is due to the discrepency of your clients perdection and how the server is calculating your shots. Accuracy IS NOT effected in ANY WAY though the use of this item. However due to client side perdection your crosshair and screen may act up a bit.

So far no bugs with this new version have been found. A new SM and MM version were needed to do it this way so it will not be released until we also have seen that there are no bugs created as a result of those updates.