Here is the latest information from their website. By doing the math (after reading below) it's looking like the middle of June for the latest patch to be released. Here's the latest post:
Update on Patch #2 05/26/11
I've been getting a lot of complaints from people saying that we promised Patch #2 on May 9th so I'd like to clear up this misunderstanding first.
The date we gave as May 9th was a date that was realistic if during test no new issues were found. Unfortunately, as some have stated in other threads, when you add so many new features to a patch, as well as fixing the bugs, it can sometimes cause new previously unseen bugs to be identified during test. This is in fact what has happened with Patch #2. Whenever a new bug was identified during the test process we made sure that we addressed it and then submitted a new build of the patch for testing. This is the reason that we missed the estimated release date but I feel that this decision to ensure the integrity of Patch #2 was the right decision.
With the Xbox 360 version it's looking like we'll be submitting the final build of the patch to Activision tomorrow for a final quick check. Then it will be submitted to Microsoft who will then take 1-2 weeks to approve it and then release it.
For the PS3 patch there was a delay at the beginning of the testing process due to the PSN outage and testing could only begin at the start of last week 05/16/11. Despite this many of the bugs that were identified on the 360 version also applied to the PS3 version so this has saved us some time. Because of this we're on track to complete work on the PS3 patch at the end of next week. As with the 360 patch once the final build has been sent to Activision for a final check it will then be submitted to Sony for approval and release which normally takes 1-2 weeks.
I'm confident that you'll be satisfied with the results of Patch #2 because I managed to play an early build of it, from the beginning of last week, and I noticed big improvements in that version and the latest build is even better.