It looks like HP won’t let webOS die just yet and officially released the new HP webOS 3.0.4 77 version, currently available for on the air update. You can trigger the update by going to Settings->System Updates and choose to download it now. Be prepared to wait a while, the whole download process it quite slow. Per HP, HP webOS 3.0.4 makes TouchPad snappier, includes a new camera app, makes it easier to find great TouchPad apps in the App Catalog, and a number of other improvements. For the full list, head over HP Palm website.
Now, if you already installed CyanogenMod 7.1 on your tablet (see our tutorial here) the update won’t break it but it will override moboot (the multi-boot). As a result, you will have to install it again using ACME Installer. Just create the cminstall folder again, drop moboot in there, put your TouchPad into USB mode immediately after restart and use ACME Installer in a command prompt window to start the installation. For more info (and re-download the moboot), check our tutorial, specifically Step 1 and Step 2.
Warning: If you installed a custom/overclocked kernel, be sure to uninstall it before upgrading your webOS, otherwise you might brick your tablet and have to head over to webOS Doctor.
I can also confirm that after you are upgrading using webOS doctor, even if you install moboot, you will loose the Android installation and you’ll have to start from the beginning. The menu from moboot will show up, but without the CM option. Reinstalling the moboot, clockwork recovery and update-cm-7.1.0-tenderloin-a1-fullofbugs.zip in this particular order will fix CM7 again, and will preserve the previous state including any apps or settings you might have installed (deep sigh of relief)