I believe it is out there, just they will send the update in off peak hours (I had the issue with this on the last one, perhaps try later in the evening i.e. out of business hours). That is my understanding from the Major Nelson blog anyway (where it says the update will be available in off peak hours for people to download).
Yeah I came home and it wasn't theorem, but like Garfield said, it's on off peak hours. Also, I read you have to have your One in standby and have it off to start the download, so I turned the One off. Turned it back on a few minutes later (about 6:30pm) and Bang! It was there.
Make sure you have automatic updates turned on and have your console in standby. You can also manually update it if you want, that's what I did. Microsoft discourages it, but it worked just fine. I had to do it since I'm on leave at my Dad's and using my iPhone as a hotspot so I only get 5gb (it works fine for playing Ghosts and PvZ online though!).
Here's all the info where you can download the update and install it manually: http://support.xbox.com/en-US/xbox-one/system/offline-system-update-diagnostic-tool
I don't have my console in standby. I use the power saving option, but from what I understand this gen (I've asked Microsoft this too) updates for the Xbox One are rolled out in batches. Meaning someone may have the update in your country but you don't yet. With the February update many in America/UK reported on receiving the update but I got it 2 days later, I live in Australia. So don't worry it'll come eventually.
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