We do have an experimental design that works on the UM2 with the UM2 hotends. But, it does not provide the best quality prints, and you run into big problems when the 2nd nozzle is cold. Pretty sure Martijn will share the small addon you need to print for this soon.
To get proper dual extrusion, you need to re-design the whole printer head. And dual-extrusion is a step towards PVA printing. And PVA printing, that's where the holy grail is. So that's where you need to design for.
As on the software side, as Nallath says, software has dual-extrusion already (it has for years actually). But lots of things can be improved there. However with the lack of proper working dual-extrusion machines, there is little work done on this area.