It has been said by John Mueller that the penguin 3.0 update would be released within this year , but still no confirmation.I am not sure about the expectations of how it would change the search results and for websites.
Penguin, Panda, and Hummingbird are seperate algorithims with seperate purposes. Penguin for eliminating or penalizing black hat seo tactics, Panda for making sure high quality sites rank higher then low quality websites, and is a whole new way of how Google views websites. Moz has done a good job of explaining them each in this article: Moz article
They explain it like this: imagine google search as an engine, penguin and panda are components (ie. filter or fuel pump) which are essential parts to the engine working. Think of hummingbird as a whole new engine for google.
Penguin is expected by the SEO community to arrive soon, within the year. Since it is the last quarter of the year then it won't be that long. The real question is whether this will just be a minor refresh of essentially the same Penguin we had last year or whether it will be a new, updated, and very different version.
Well, I would say over here next generation of pengium 3.0 update will be shown up at any day, and this time I am pretty much sure people doing worng things are going to be punished more strictly anyway keep you fingers croseed.
Not any one can expect from GOOGLE we can only just wait and watch the updates of GOOGLE because its up to GOOGLE that how and where it drives internet marketing field because GOOGLE is search market DON :)