OS X Lion 10.7.2 seed 2 has been made available to developers. Notification of the update was sent to developers yesterday afternoon.
According to information sent by developers, there are no known issues with the seed, which indicates that 10.7.2 may be released in the near future. Apple has asked developers to focus on the functionality of AirPort (Wi-Fi), AppKit, Graphics Drivers, the Mac App Store, Mail, and Spotlight.
The first update to Lion, OS X Lion 10.7.1, was released six days ago and addressed issues with Wi-Fi, Migration Assistant, video playback in Safari, and a problem with audio playback when using HDMI or optical audio out.