Valve has just recently confirmed [as of June 15] with various reputable gaming news sites that Episode Two is on track for an October 9th, 2007 release.
Current ETA (given by VALVe) for Episode Two's release:
OCTOBER 9TH, 2007 - United States
OCTOBER 12TH, 2007 - Everywhere else
Episode Two will be released onto the PC and next-generation consoles such as the Xbox 360 and Playstation 3 - Will be bundled
(Retail packages) with Half-Life 2, Team Fortress 2 & Portal. More information
here.
Retail Package Details
Also revealed is the price point and details for the "Orange Box" that will be made available for retail. All that
here.