Below are the various press releases denoting the past releases of Microsoft Dynamics CRM Online. As you can see, service updates occur twice a year with the next one targeted for Q4 of calendar year 2011.
Initial launch - Release in US and Canada (Apr 2008):
http://www.microsoft.com/presspass/press/2008/apr08/04-22DynamicsCRMOnlinePR.mspx
1st service update (Sep 2008):
http://www.microsoft.com/presspass/press/2008/sep08/09-08CRMOnlineServicePR.mspx
2nd service update (Mar 2009):
http://www.microsoft.com/presspass/press/2009/mar09/03-10CRMConvergence09PR.mspx
3rd service update (Nov 2009):
http://www.microsoft.com/presspass/press/2009/nov09/11-03serviceupdatepr.mspx
4th service update (May 2010):
http://www.microsoft.com/Presspass/press/2010/apr10/04-25ConvergenceCRMPR.mspx?
Beta release of CRM Online v2011 (Sep 2010):
http://www.microsoft.com/Presspass/press/2010/sep10/09-09MSCRM2011BetaPR.mspx
5th service update - release of CRM Online in 40 markets and 41 languages (Jan 2011):
http://www.microsoft.com/Presspass/press/2011/jan11/1-17MSCRMOnlinePR.mspx
Upcoming service update (Q4 calendar year 2011)
http://blogs.msdn.com/b/crm/archive/2011/07/13/microsoft-dynamics-crm-at-the-2011-worldwide-partner-conference.aspx
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