According to the Nintendo homepage the big update will come on June 7.

http://www.nintendo.co.jp/3ds/support/update/index.html

Can't wait!!

Other territories will probably (hopefully) get it around the same time.

June 7th is the date of their E3 Media Conference.  I was hoping for a May release (as in very soon) but I suppose it makes sense to announce all the details of the update a few weeks later when you have a room full of journalists in front of you.

Joystiq posted the news after my tip:

http://www.joystiq.com/2011/05/12/3ds-eshop-update-delayed-to-june-7-in-japan/

They better pull something epic for the users.

Imagine mid-conference:

Reggie: Oh, wait a second. Everyone, check your 3DS's. BAM! Free 3D Zelda! 

Everyone: :D

NorthAmerica for June 6th:

A new system update for the hand-held Nintendo 3DS system will be available in North America the evening of June 6 Pacific time. By downloading the free update via a wireless broadband Internet connection, Nintendo 3DS users can enjoy new features and enhancements, including an Internet browser and access to the Nintendo eShop, where users can browse and purchase downloadable content. For more information about Nintendo 3DS, visit http://www.nintendo3ds.com.

http://www.nintendo.com/whatsnew/detail/6ANlirylYehWRAOQn_i0e53E0XtWMk4s

Nice!

Japan is ahead of the USA about a half day, so basically the update will really happen around the same time.

You know what would be nice?

It would be great if the update enabled a kind of  "video channel" where you can watch a 3D stream of the Nintendo conference at E3.

One week. Not a big deal, and the timing makes sense.

The 3DS does have a 3D Movie channel and I've been thinking that it would be cool if they would stream the conference there. But, when I really think about it, I suppose I'd watch the conference on my larger computer screen anyway. 

Expect them to at least distribute an edited 3D "highlight" reel of the conference to the 3D Movie channel at a later date. 

Yes, that would be amazing, and  I guess we are probably going to see reggie saying something like: "Do you want to see this trailers again?, Why not to do it on 3d, just go get your 3ds and do it"... 

Reggie in 3D...? ... *shudders* ;P