I confirm hereby that Patch 2 is out on steam, the version number 1.4.9.70 corresponds with patch 2.
I did ultimately purchase the game, and would ask if a Larian post could be made each patch (perhaps as part of the patch notes) so that the version number of the game is associated with the patch number. As we see here, "Patch 2" doesn't mean much when the player has just an .exe build or version number to go by.
Anyway, things are going swimmingly, except for one crash just now while saving. I'm going to restart the game anyway so I'm not too bothered by this. So far, the only real consistent problem is the complete failure to apply anti-aliasing using in-game settings. I've not yet tried customizing a catalyst profile for this game, as I'm trying to rule out any new game stability problems as being driver options related. But I can't believe the number of current games that can't do anti-aliasing options these days. It's like the current generation of game engines or console+PC platform APIs assume a GPU on a PC can't handle AA.