Same was reiterated by O’Malle at MIPCOM 2011 during Q&A. According to him, version two (read Honeycomb) is about to launch in next 3-4 weeks.
“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.”
Google TV team is probably waiting for ICS announcement to pass and announce the version 2.0 update soon after that. Donagh stated that there are over 250 apps optimized for Google TV currently in the Android Market and he expects the number to jump up to 1000 as soon as the update is made live.
You can listen to him in the video below (update part starts at 57:50)