At SMX Israel, in the keynote session with Gary Illyes from Google, I asked Gary two questions about Penguin. Will it launch in a few weeks or several weeks and will you guarantee this release to be the real time version.
Gary said that the timeline is by the end of the year and as far as he knows, that timeline has not changed. I was hoping to get to know if it would be in November or December, but he didn't seem to have an answer on that or want to share that.
In regards to the next version of Penguin being real-time, Gary said that he can't guarantee it. However, the plan is for Penguin to be real-time but "you never know," he said. There might be a chance that Google will have to push the refresh without it being real-time. But the plan is for this next release to be real time, he said.
There are times Google said algorithms would run in real-time, but it did not, and thus caused a lot of confusion. This next Penguin update, if it goes as planned, should be the real deal.
We are indeed expecting Google to release the new Penguin algorithm by the end of this year and everyone expects it to be the real-time, continuous version.
Forum discussion at Google+.