From Cardboard Computer's newsletter:
Our goal for Act II has been to release it by the end of April (our general development goal is three months per act). All this exciting but unexpected work setting up distribution, going out to IGF, and troubleshooting for a larger number of players than we anticipated took up a lot of our time in the last few months, so we're pushing the release of Act 2 back a few weeks, into mid-May.
It's looking really good though, and we're anxious to have it out in the world. For the next few weeks, until the release, we'll be posting a small/weird screenshot from Act II on our Twitter and Facebook pages every day. So thanks for your patience, and keep an eye out for those!