The long awaited SP2 is now available on Microsoft's web site.

This service pack is for the English version of Commerce Server 2007 this include the binaries and the  business user application. This does not affect your ability to develop a multilingual Commerce Server Web site. Installing SP2 on non-English versions of Commerce Server 2007 is not supported.

 

Note: No new features are introduced in SP2.

 

Announcing Commerce Server 2007 SP2! - MSDN Forums