Hopefully sooner than later. Mik is working on supporting the new baseband in CM7. However our P509 runs on a different 3G band so flashing a P500 baseband isn't recommended unless you don't use 3G.
If we figure that the P509 received the official 2.2.2 four months after the P500 then we're 1-3 months away from an update.
Frankly, I just want the baseband. T-Mobile's P509 official releases have been terrible compared to the P500 releases which are terrible compared to Miks CM7.
P.S. I resolved the camera flicker bug (applied Paulos patch) and PM'd both franco and fserve with my findings... look out for updated kernels
I've done some digging and I don't think we'll be getting an update. An LG forum moderator said it's unlikely and T-Mobile isn't promising anything.
As you know LG has officially released an update for the Optimus One and it's offspring but it's up to the carrier to support and release it. Given the complete fail of the Optimus S update I'm losing hope, not just in an update but Android in general.