Just saw today that they finally started working on this. Looks like they're widening the whole stretch & adding an extra lane (among other things) from the top of the hill all the way to the Mahon link road.
http://www.corkcity.ie/news/mainbody,77337,en.html
Badly needed. That road is a bloody nightmare at rush hours. We'll soon be able to get into the traffic jams around Mahon Point a lot quicker!