I remember getting excited about this game April 2006, then 07/07/07, and then 2008, and then Q2 2009, and then..
It's best if you don't worry about this. The more you get your hopes up about the next 'release date', the further they will be shattered when they 'delay' it again for unknown reasons, other than they either don't know how to program properly, or don't know how to set a deadline properly.
That being said, if it takes you 3 years to program a game, it better be good. Very good. I don't care if they have gone through a graphics revamp or a gameplay revamp or whatever, it still should be top quality, best on the market, etc. This game looks like something that always could've been but never was.