CyanogenMod tweeted today...
And here's his full post at G+
This update is deceptively large in the change department, but still manageable. We are working on the same principle as with the update from 4.1 to 4.2, and are working in 'mr1.1-staging' in our github.
There are quite a few conflicts, which are to be expected as we are more than just a bare AOSP OS, but these will have to be sorted before we start issuing releases based on the 4.2.2 code base.
# Lots of translation conflicts.
# There don't appear to be new device repos nor any communication on the usual mailing lists regarding this. Even updated kernel source appears to be missing.
# Some major changes to hardware/qcom/display, which will affect most devices using that. Degree of the impact varies, but this seems to revolve around the new 4-layer composition.
Please don't bug your various maintainers asking 'when?'. These things take time to do properly and rarely apply cleanly. Good work takes effort, and effort takes time.