I would say that I DEFINITELY expect one soon, mostly because 1.1.1 has been jailbroken to the point where a caveman could do it.
I wouldn't expect much. Of all the things we have wished for (IM, MMS, A2DP, Crash-less Safari) all we have gotten is a double-space period, OTA Itunes, and a double-home function. And 2 of those were probably written in 30 seconds combined.
I don't get my hopes up anymore w/updates. We already have everything that was advertised with the phone. Well, except PUSH mail; I'd love to see an update for that. The one thing Apple bragged about that is unusable. You know they are fuming about that one.