According to one source, we may see GPLv3 finalised later this year.

The GPL version 3 will take a few months more to come into effect. A March deadline has slipped and it is now looking like it may take until the final quarter of 2007 before the licence is formally ushered in.

This leaves Novell with a short fuse, especially now that both Linus Torvalds and Simon Phipps express satisfaction w.r.t. the new licence. SJVN, on the other hand, is very pessimistic. He believes the process of reaching a consensus might take years. Worth reading.

Update: add Red Hat to the list of those who endorse GPLv3.

Update #2: Google as well