Microsoft just announced that 16th of Feb they will release SP1 to VL customers and MSDN/TechNet subscribers and 22nd of Feb to the public and Windows Update.

Source:
http://windowsteamblog.com/windows/b/bloggingwindows/archive/2011/02/09/announcing-availability-of-windows-7-and-windows-server-2008-r2-sp1.aspx
http://blogs.technet.com/b/windowsserver/archive/2011/02/08/windows-server-2008-r2-and-windows-7-sp1-releases-to-manufacturing-today.aspx

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