Telltale announced yesterday that they are aiming for mid-August release for the Episode 3. Personally I'm a bit pissed off with their handling of "monthly release schedule" but can't say I'm that suprised.
Here is the announcement from their website:
First and foremost we want to thank everyone for their patience with regard to the launch of episode two of The Walking Dead. As you may know, it arrived later than anticipated and this has been a cause of frustration for everyone.
Our goal from day one has been to deliver your game episodes as quickly as possible, and where we can, simultaneously across all platforms and regions. We've been working closely with our phenomenally supportive partners to try to make this a reality. We will continue to work on this and furthermore, we will strive to improve our communication with you so that you know what’s happening. Please rest assured that we are doing all we can to get your game episodes to you as quickly as possible.
For many of you, the most important thing is to let you know when the next episode (Episode 3: Long Road Ahead) will be available, and although we can't give you an exact date at this time, we can say that episode three will be ready in the middle of August, and that we and our partners will do all that we can to release all platforms and regions as close together as possible.
The response to episode two has been overwhelmingly positive and we can't say enough about how much we appreciate everyone enjoying what we are creating. We’re truly humbled by your continuing support.
We look forward to your feedback on episode two and can’t wait for you to play episode three!
Edit: I probably should clarify something so I don't look like an ungrateful dick. It's great that Telltale announced this soon as they did and I don't really mind it too much that I have to wait this as long as it takes. It's only a good thing they're taking their time - quality before quantity after all. Still time management seems to be a problem for Telltale. And the second episode was so goddamn good... Can't wait.