Just as with our other patches, we don’t really share when future patches will land ahead of time, so we don’t have an ETA to share with you at the moment for when the next patch will be.
It takes time for to develop, test, implement, and then refine each change and feature, and when we say we’re working on it, we truly are. As Wyatt points out in this interview, we've been doing more than just “talking about” it, too. We’ve already started to prototype some ideas (which we’ve called out in blogs, posts, and chats), and are now putting them into action in test environments to see what works and what doesn’t. In many cases, those ideas can be improved further, so they’ll likely have to go through a lot of iteration before they'll bring a lot of value to the game and are ready for primetime -- especially since itemization touches a lot of other areas of the game like skills, passives, drop rates, combat pacing, and overall difficulty. Any time you’re looking to make notable changes to a core feature of a game (e.g. itemization), you have to keep in mind that it’s probably also going to deeply affect other systems too. So, making changes to itemization, at least to the extent that we’re looking at, will not only take some time, but it’ll likely occur around the same time that we make changes to those other systems as well.
TL;DR: Issues like itemization are incredibly important to us, but it’s a particularly complex issue, and not one that is easy to address. As developers recently stated, it’ll be awhile yet until the itemization revamp is complete (think post-BlizzCon), but we’ll be sure to share detailed more information about how everything is coming along as soon as there are any new developments. In the meantime, you can find out a bit more about our vision for it in a developer interview that was recently posted over on Diablo Somepage.