I have noticed from examining sniffs that on official the next waypoint is sent to the client before the existing one is reached. This allows for smooth movement. I see pausing in Mangos at waypoints so I am assuming the next waypoint is loaded once the travel time has been reached or exceeded rather than slightly before it has been reached.
If this is correct then the pathing system should be updated to allow for smoother pathing.
Schmoozerd, to answer your question the current position is giving in sniff when the next waypoint is sent and you can see that new waypoints are sent just before the existing one is reached.