The last I heard was November. I'm definately not gonna hold my breath. Its become obvious the update isn't high on L.G.s list of priorities. With the phone being introduced at a low price and now being free, (+ the release of Verizon's LG Revolution) Im starting to think it'll never come. That's why I just pursued CM7. Im not good @ waiting
The Optimus one has issued a pre release statement to those over in Europe. The hold up (atleast for the O1) is an issue with the OTA update causing some real issues. There is even a leaked version though they are missing the kernal. Xda 's devs even have rom for the O1. So atleast before to long our devs will have an LG source to tailor a custom for us.