Factory images are ready now if you're not the waiting type.
The May 2018 Android Security Bulletin is here and that means updates are in the making. They aren't the "pretty" kind of updates, which can seem disappointing to some, but they are the important kind that keep your phone working as it should and protected against online shenanigans.
There isn't a "showcase" bug in this month's patch, which is good news for everyone except people who have to write about it. We see the standard mix of patches from the upstream Linux kernel and various hardware vendors like Qualcomm and NVIDIA. We also get the obligatory tightening of the Android framework and Media framework, and I think the teams behind these must be the hardest working people in show business ever since we saw the Stagefright bug. Cheers, folks. This cold one is for you.
The Pixel update page lists the same bugs as well as some functionality patches, namely to address a charging issue with the original Pixel XL and multi-touch tweaks for every supported device.
OTA updates for supported Pixel and Nexus phones should start rolling out soon, and the factory images are available if you'd rather get dirty and do things by hand.