So apparently the SPOT 2 is now a functional unit and they've completed the recall and replacement on the first batch they sold. Now the program that was promised back in November is online for upgrading your original SPOT to the new SPOT 2.
Not nearly as good a deal as I was hoping they would offer. If you add a SPOT 2 and keep your original functional, you get $50 off the first year subscription of the new unit. If you exchange your old SPOT for a new one, you get $25 off the purchase of the new one and are left with a non-functional old one (no, they don't actually want to "exchange" it, just transfer your service over).
Oh, and the savings are actually rebates that you have to apply for and wait for them to pay you back after you front the full price to buy and activate the new unit first.