Yes, Microsoft is releasing a R3 for ConfigMgr. This is the first R3 release in MS history.
Jeff Wettlaufer, Sr. Technical Product Manager, announces it in a blog post:
"Configuration Manager 2007 R3 will release will release as a beta at the end of October 2009, with a targeted release of late Q1 calendar 2010."
http://blogs.technet.com/systemcenter/archive/2009/09/08/announcing-system-center-configuration-manager-2007-r3.aspx
