The release is done but there are problems with the configuration for the distribution servers so it has not been officially announced yet.
You can grab the full installer from here:

https://archive.mozilla.org/pub/seamonkey/releases/2.48/
If it comes down to doing a new build (very very very unlikely) you would need to download again and reinstall but nothing which would be problematic. Please backup your profile before upgrading in case you want to go back. There were some changes in the Mozilla code which might break older add-ons.
FRG

Jonathan Wilson wrote:
Is there an official verified working release of SM 2.48 final I can download? Or should I wait for the auto-updater to offer me the update?


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