No word on the Morpheus update yet.

The EVE developer blog has been updated with new details about the upcoming Trinity update.

There will be two editions of the EVE client now, Trinity Classic with the old content, a more compact download which everyone will be able to run and Trinity, the upgraded client with the new content that utilizes the new graphics engine to its full potential. The latter will be a much larger download, so we will start by patching your existing Revelations II client to Trinity Classic. This will allow you to start playing immediately after we launch Trinity.

Read more at the EVE Dev Blog.