Telltale's co-founder and president Kevin Bruner just posted on the Telltale forums that The Wolf Among Us episode 2 will finally be released in the first week of February.
He had the following to say about the delay:
Ep 2 should be available the first week of February. We are working hard with all of our partners (Xbox, PlayStation, Steam, Apple) to coordinate everything, but we’re confident enough to announce that here. The episode is looking really good (as is the rest of the season!). We are very concerned about the long delay for this episode, but this is one of those occasions where several things conspired against us (not to mention the additional delays due to the holidays). I won't dive into the details, but it’s been an unusual and specific set of circumstances and we do not anticipate it happening again as we go forward with the rest of the season.So there you have it. First week of February!
How was the first episode? I've only played a demo of it, I doubt it was the full first episode since it was just a few scenes.