SPY went ex-dividend Friday the 16th, so it is too late to buy the security and still receive this quarter’s dividend. The dividend payout will be $0.7701 per share on January 31st, 2012. Yes, SPDR is in no hurry to distribute the $530,000,000 (!) in dividends that it collected last quarter for SPY.
For more information about SPY’s dividend and its sister ETFs IVV, and VOO see this page.
For general information about dividends (e.g., interactions with stock price, their interactions with options) see Top 10 questions about dividends.