As intel said, first iterations will be most likely aimed at midrange/value segments, largely because they want something that will eventually intergrate on the CPU rather than win the discrete market which frankly, isn't much of a money maker.
But they could be underplaying it, basically AMD/Nvidia have years of experience, and more importantly ties to developers so they know what dev's want in the future, know whats coming up in the next couple years and so can tailor their plans accordingly. Its like jumping onto a treadmill going at full speed, damn hard to jump on and instantly be at the right speed, but a few steps and you're up to pace, I see that being what Intel do. Ignore the competition simply make cards, get working, get anything out and learn the ropes and have a good 2-3 year plan for products.
I think also not a delay, but less money being pumped in and with a couple fabs all but shut down to save costs during the recession they aren't really looking for massive scale mass production in another plant just yet.
As far as I know, they've already had 1-2 generations of intel products over the past couple years that weren't really intended to be ready for release, but essentially doing what I said, learning how to make them, how to balance them, testing them, tweaking the design for their next gen, but a few times internally before going for a release product.
Which is why its hard to say what generation/version of Larabee we finally see when it gets out, specs rumoured 1-2 years ago would most likely be for previous generation cards, newer ones on smaller processes are likely signifcantly faster than their earlier stuff.