Alright people, the wait is over.
I was having some problems with the new version of fCamera but it is sorted out now (sort of).
Here is the new Timelapse. Install as usual (as root):

dpkg -i timelapse_0.17-1_armel.deb

the version number is 0.17 to denote that is based on fcamera 0.1.7. Also, it has a new icon, and you can safely install this with the normal fcamera. You probably need fcam-drivers already installed.

There is a new panel for the options of timelapse photography where you can choose the units of the timer (seconds or minutes). When you press the shutter button all the way the timer starts and if you press again it will stop. I strongly advise you to turn off the capture animations, since it makes everything very slow and can interfere in the timed shots. Also, short timers (<10s) sometimes create some problems, causing timelapse to skip a shot.

I'm in the process of updating the webpage where you can download the deb and the source code, if you want to take a look at it. I'm doing this right now, so don't think it's going to be ages, again.

I still couldn't figure out a way to display a warning that the timer is running. What I usually do is turn on the blink everytime a shot is taken.

Again, sorry for the delay.Now I have to figure out how to submit this to extras-devel. In the meantime, the deb is here and at the webpage.

Hope you enjoy. Let me know about bugs and suggestions