It would seem the French distributor was a little too quick off the mark (and please no jokes about anyone of any political or national nature) below is the official response from MOTU HQ.
I also took a moment to call the UK distributor to find out their take on it and when I suggested the French guys had given a date he laughed. I went into news reporter mode and then asked if he had ever seen a working BETA of the product he said no. I then asked if he thought one existed and he assured me that it did. Tried calling MOTU HQ in the USA but was greeted by a Rottweiler on the reception phone who didn't help!

I suppose the short answer is 'no one knows the day or hour, it will come like a thief in the night!'
Russ,
Thank you for your interest.
MOTU has not announced any formal release date for Mach Five version
2. Around the end of this year is a reasonable estimate.
Mach Five 2 will be a free update for anyone who purchases Mach Five
after Jan 20, 2005.
If I can be of further service, please let me know.
Dave Roberts - MOTU
On Oct 17, 2005, at 6:51 PM, Russ wrote:
> Hi Guys
> Your French distributors have announced v2.0 for December. Can you
> confirm this?
> http://www.umdistribution.com/media/m5v2.html#
>
> Thanks
> Russ Hughes