afaict, karl's not yet making moves towards putting tl2011 together,
Well, I started asking people to do trial builds a few days ago, and all
the major source code is in. The dates I guessed at on
http://tug.org/texlive/ are still approximately valid, i.e., I'd expect
to freeze updates in a month or so.
which is when we said we would release a new latex version.
The sooner the better, seems to me. Unless you intentionally want to do
it after the freeze so that only people doing TL'11 testing would get
it. (I had no idea there was any plan to release a latex update.)