No it hasn't been announced but right now it's speculated around Nov/Dec. As far as I know, ALL of the BF material won't be in the deluxe version, but also just a guess here.
That's my concern (for lack of a better word) too. It works in the comic but I think in a movie, it may be a strange detour that slows the movie to a standstill.
I Netflixed the Blu-ray Black Freighter a while ago. The animation and production values are on par with your standard DC animated feature release, albeit it is darker in tone. It reminded me a great deal of watching an animated Twilight Zone episode or something akin to an old EC comic. I think your reservations are legitimate, but the fact that Zack Snyder had this material produced in the first place with the intention of incorporating it into his feature release, I'm guessing he also had a plan to make it all come together. I do agree that if the Black Freighter story unfolds as it did in the graphic novel (i.e. a side story occurring at the newsstand) it may interrupt the main narrative. I have to say that it does work well as a stand-alone though, so even if it's not incorporated into the main film (as long as it's included as a special feature) it is not a deal-breaker for me. By the same token, I hope that the "Under the Hood" mock-documentary (also on the Black Freighter disc) makes its way onto this Blu-ray too.
Also, as I said earlier, I'm pretty sure I read somewhere that not all of the Black Freighter standalone content will be included in the "Deluxe" cut of the movie, but a shortened version. Makes sense.
Who am I fooling? I'll snap up every high-def version they see fit to release, whether TotBF is cut into the film or not. And you're right that Snyder did intend to cut the stuff in at some point--he filmed the transitions at the news stand for this express purpose. I hope it works, although the visual style of the cartoon--from the snippets I've seen--doesn't much look like the garishly colored, EC Comics-style visuals drawn by Dave Gibbons. We'll see.
As a longtime EC comics fan, I think that in motion, it works pretty well. I also think that the enveloping audio sound track helps the overall animation presentation a great deal (in terms of EC ambience.)
A little OT, but as long as we're on the topic of EC Comics, the movie "Creepshow" is on HDNET Movies this month (Oh Ted Danson, how long can you hold your breath?).
So DVDActive put up the back cover and it apparently has DTS-HD Master Audio instead of TrueHD. Good news for those of us tired of switching to the better audio track after the movie has started.