According to the AndroidOS.in blog, the update will be released in the next three to four weeks, per the official statement from the mouth of Google TV director of content Donagh O’Malle:

What I can tell you about what’s coming up with Google TV, is version two is about to launch probably within the next three or four weeks.

He also noted that Android Market currently hosts more than 250 apps optimized for the Google TV platform. The firmware update should probably arrive around or shortly after the ICS announcement.

It is no secret that Google’s focus in the broadcasting space has sharpened lately. They are investing a hundred million dollars in original content for YouTube and aiming to stream premium entertainment content on scheduled YouTube channels beginning next year. Those separate strides should be viewed as part of the broad push into the TV business. If Google’s bet pays off, the company could gain a strong footing in the multi-billion dollar market that is Hollywood entertainment.