Google's John Mueller in a video hangout this morning on Google+ announced that the 3rd version of Penguin will launch "in the reasonable future" and he expects it will happen within the 2014 year.
The question was raised by @edwardjohnnash, "Will the Penguin 3.0 launch in 2014?"
The answer John gave was:
My guess is yes. But as always there are always things that can happen between. I am pretty confident we will have something in the reasonable future. But not today, so we will definitely let you know when it is happening.
He answers this at 54 minutes and 45 seconds into the video. Here is the embed:
And we do know the next version of Penguin will be designed to run faster and more frequently.
Forum discussion at Google+.