Alright, Alright I'm here!
To start with, the Creature Collection Revised WILL be out in January (when in January I don't know)
Secondly, as why they didn't just put up errata, is two fold. One it would take a MASSIVE rewrite of the book when a new book with lots of new stuff (such as an appendix for racial stat modifers for the SL races, an appendix detailing how to fit in MM monsters in the setting (along with a short biographical piece), and I believe an appendix for the new created templates (Unhallowed is one, Morgants are another and Hags are also a template. Which makes sense if you read the info on hags.) Also the reason for a new book is CC1 is finishing out it's print run. Therefore it was either a) send out a book that had a poor grasp of the present rules along with some shoddy artwork. Or b) make a new book with better art (plus the help of people like Scott Greene of now Tome of Horror fame), with new appendixes useful for all.
Thirdly like to thank the guys that have stepped in for me while I was taking my nap for the day.