As you might imagine, there are a lot of people anxiously waiting for the update. Well, the WP7 team just updated the status page and the update is now out of the testing phase and being scheduled for delivery. Thank heavens!
See http://www.microsoft.com/windowsphone/en-us/features/update-schedule-usa.aspx for the latest status. See http://windowsteamblog.com/windows_phone/b/windowsphone/ for the team blog and information. Let the “check for updates” watch begin. Grin.