According to the tipster, there are two teams working on the update with one team slaving over a hot Samsung Galaxy S III while another team is working tirelessly on updating the Samsung GALAXY Note II to Android 4.3. If the next iteration of Jelly Bean is introduced next week, the word is that Samsung is going to dump Android 4.2.2 completely.
While a test build of Android 4.2.2. has already been seen for the Samsung Galaxy S III, a tweet from SamMobile in June said that the reason for delaying Android 4.2.2. on that model, as well as on the GALAXY Note II, had to do with testing the new version of TouchWiz on the devices first. Now it seems that it might be too late for the 4.2.2 build as Samsung seems ready to go straight ahead to Android 4.3 with both models.
Samsung Galaxy S III running test version of Android 4.3
Thanks, Anonymous Tipster!