Palm Product Manager Steve Sinclair has added a post to the Palm Blog detailing the expected release of the long awaited Treo 700p update. The update was originally scheduled to be released during the first quarter of 2007, but it now appears that it will be released during the week of May 28.

The update is expected to fix several bugs that 700p users have struggling with for awhile. Bugs that include a significant lag while switching applications, audio stutter while playing music, and Bluetooth problems will hopefully be fixed.

We're disappointed that this update has taken so long to be released considering the Treo 755p is about to be released later this year. I guess it's better late than never.