Doesnt really matter if its been in development since 1985. No MMO which has ever released with a short public beta phase has ever been anything other than a mess. If they released in 3 months time , having not even had 1 public beta phase yet, the game would be a total disaster.
In house testing with 60 people is enormously different than hundreds of thousands of people with hundreds of thousands of hardware and software combinations connecting to the servers with thousands of different connection IPs and speeds from dozens of different countries. Let alone that hundreds of thousands of players will try to break geometry, do things in pve and pvp that they havent even thought of trying, try every exploit idea they can think of.
I would expect a minimum of 3 public beta phases, for a time period of around 7-9 months. Which assuming they started this month would take until next autumn. Then add onto that the inevitable delays that crop up resulting from the things discovered during the beta phases and the end of 2010 or 1st quarter of 2011 looks very likely.