Somewhat surprisingly, HP are continuing to update the TouchPad's webOS, although they seem to have abandoned providing any more Pivot magazine updates in the HP App Store (the last one was in November 2011 and that was months late!).
webOS 3.0.5 is now available to download (System Updates in the Settings tab), but I'm holding back a little bit to make sure all the Preware goodies are updated to be compatible with it. The 3.0.4 update borked the moboot boot loader (easily fixed by re-installing mboot), so I'm a bit wary that the 3.0.5 update will do the same. I'll update this post when I've put 3.0.5 on my TouchPad.
BTW, has anyone noticed that the HP App Store for webOS is fairly stagnant nowadays? I don't see many updates to my installed apps in webOS and similarly, there aren't many new apps turning up either. I suspect developers are abandoning the webOS ship because no-one's committed to shipping any new webOS hardware in 2012, plus Android can run on HP TouchPads, which can't help matters for webOS-only developers.