Is Apple TV 3G jailbreak out soon or being worked on?

There are teams/groups actively looking for an exploit, and have been since day 1. Unfortunately, little progress has/is being made due to the Apple TV's simplistic firmware (with less services running, the chances of an exploit are a lot less)

"Enter PlexConnect. The brainchild of Baa, roidy and f00b4r, it’s a super clever little hack which allows a rich, fully-functional Plex client on un-jailbroken ATV2 and ATV3 (1080p!) devices. Essentially, you run a program on your computer which masquerades as the Trailer app. Next, change one setting on the ATV, and you’re up and running. It took me less than 2 minutes to install and get it running."

- See more at: elan.plexapp.com/2013/06/04/introducing-plexconnect-an-appletv-client-which-thinks-different/#sthash.RO2r2sk9.dpuf