Motorola XOOM owners all over the world were concerned about the fact that Android 4.2 will not launch on their devices. The primary reason for the concern was Google dropping both Nexus S and Motorola Xoom from the coveted Android Open Source Project. This decision practically doomed both the devices to stay stuck at Android 4.1. Also ROMs become larger and larger with the evolution of Android operating system. It means that the system spaces available in some of the older devices are incapable of accommodating these bigger ROMs of higher Android OS versions. However, all these speculations have now been rendered irrelevant due to the efforts of Team EOS, XOOM development giants.
The EOS4 Nightlies are based upon the Android 4.2 and are expected to port the complete Android 4.2 experience to the Motorola XOOM. Some bugs are still there in the system and some newer features are not available as these are Nightly builds. But the reputation and track record of Team EOS point toward continuous improvement in the future. Overall, things are looking bright for Motorola XOOM owners although so far the builds are available only for Wingray, the WiFi only Motorola Xoom.
Check out this thread for more info about the future developments.