as it stands, the update is pretty much finished but they're trying to bring 360 up to around PC's V13.0 in terms of added content... or over 4GB in changes that basically rework the entire game.
MS has a 2GB update download limit and that is blocking the content from Undergoing Microsoft QA and approval, so while it undergoes overkill/starbreeze QA testing they're figuring out how to try and get around the limits/ technical solutions to this problem. said update would be needed to Implement new DLCs like the PC has gotten with weapon packs and new missions.
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bump. this is very interesting... it's basically a complete remake of the base game minus the original game assets..