Now that the feared DLC entry has been dropped, changes that free update is anything worthwhile are getting more slim. Keep in mind that DLC for this game is merely a key to unlock the content, the new content itself and code changes are added to the main branch for everyone. The increased disk-space footprint and active update records from the last weeks could just as well be only for the DLC.
If the update includes another of those useless hasty additions like hotels or fireworks, we can be pretty sure it won't release until after the Steam Sale. I think nobody can deny that those updates solely exist to add more "bullet points" to the feature list, thus increasing the perceived value of the game and hopefully generate more sales. The game is heavily discounted at the moment, so there is no need for tricks like that; Better keep the ace up your sleeve until after the fact. Releasing new DLC at full price while the game is almost as cheap as an individual expansion, doesn't seem a smart move either; It immediate puts off your brand new customers.