It is about 3 months since the release of episode one. I think it is fair to say that the episode is delayed, however due to lack of information, we have no idea how much.
The latest update was given along with 2 screenshots the 6th of December. The update promised a new update after the holidays. We currently do not know, if this update will be an actual release date or not.
Update: Kevin Bruner, President and Co-Founder of Telltale, has just started a new thread with the latest info here. Feel free to continue the discussion there!