The update is in testing. I have it installed on my K1 as of now and have been using it for a few days. As to when it will be generally available I am not sure. Maybe someone for Lenovo can answer that.
@nobshere I have not really experienced any con's. The pro's is that the menu bar at the bottom is back to the android standard. Which is a plus. This may or not be the case with the final release.
The boot loop issue is due to users putting on the wrong ROM for their country. If you have a US tablet you need a US ROM. Singapore a Singapore ROM.
The only 3.2 ROM that I can see is for US and not for any other country.