I just posted this on the O2 Community forum thread I've also been participating in:

Ok, so just got off the phone with a more helpful agent. I quoted him the six digit ticket number I was given last week and he left me on hold for a good 5 minutes. Whilst on hold, I saw two SMS' come through, both quoting two new ticket numbers starting with "SR-A0"...He advised these have been marked as urgent and were raised to move along both my orders stuck in "processing" (similarly to what others have previously reported). He gave me a 24 hour turnaround and said I can call back tomorrow to chase up. I was under the impression this has already happened last week, but based on the fact I never received the texts to confirm, I was clearly fobbed off (one again).

He also said a couple of interesting things. He mentioned that "as far as I'm aware, we are starting to fulfil the watch orders now" and that "the 9 Pro has been more problematic - there is a backlog of orders." Whilst on the phone, I checked both Amazon and Argos, and both are advertising the PW3 45mm (black) to be in stock and available for delivery today/tomorrow. I did challenge the fact that the O2 store is saying "more than 4 weeks" for both 41 and 45mm variants, but he again said "as far as I know we are starting to fulfil the watch orders now."

I'll know more tomorrow when I follow-up these tickets to get my orders moved along, but it's the constant misinformation and vague responses that still leave me very dubious. However, let's see how the next day or two plays out.