This update has been said to go live before the release of Destiny’s next expansion, House of Wolves. The expansion releases on May 19th, next Tuesday, but we have yet to receive the update. Luckily for guardians, DeeJ has stepped up with some information in regards of what is going on with the update
05/13/2015: I’ve spoken with the finest minds at Bungie about Update 1.2.0 just moments ago. They’re working to correct a late-breaking technical issue that would have impacted the way the game launches for a large portion of you. Progress is being made.
05/14/2015: Solutions for technical issues that have delayed the delivery of updates have been identified. Work is ongoing and we’ll release the new content and the Patch Notes as soon as we can. Stand by for more information on timing.
We’ll be sharing new details on the deployment schedule that leads to House of Wolves as soon as they become facts. At the very least, you’ll hear from me once a day about this. Hang in there, and thank you for your patience. I’ll give you the news as soon as I can. Follow this thread or our Twitter account for new information.
Unfortunately it looks like we will be waiting just a bit longer for the update to kick live but at least we know what is going on with the update.
Souce: Bungie Forums
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