By update, do you mean some kind of release is imminent? Great forums by the way, the avatars are great!
I must agree that all total conversions are taking very long even for initial releases, it is not just first strike. I dont consider those modern combat mods that change the firing rate of 2 weapons and call themselves "total conversions" to actually warrant a total conversion name.
However, I bought BF1942 about a year after it came out, and very playable and popular versions of all the major total conversions were already out. Its already more than a year after BF2 came out, so the clock is ticking, especially with all the jumping to BF2142.
EA may hope that many mods will jump ship for 2142, and thus encourage people like myself who would have never bought 2142 to consider it.