Several road reports in this update:
The road down from Tamaimo TF454 and a very small section of TF82 has now been resurfaced.
The road between Icod and La Guancha (TF362) is in the process of being resurfaced & looks like it will upgraded footpath/side lane.
The coastal route between Armiñeme and Alcalá now sees pretty congested traffic during weekdays. If you're staying in the South of Tenerife, it's best to avoid TF47 where possible and disappear up one of the side roads instead (eg TF463 is a great little climb!).
When the new island circuit road is completed (by the end of 2012), less traffic is to be expected along TF47 and TF82 (hence better for cycling). Anyway, this new road network will link Adeje and Santiago del Teide, and also go as far as to Icod de los Vinos. They are working on it now and you can see new tunnels and roundabouts in several places in Tenerife... More info about the new road to come in future...