
Seriously they will need a lot of bug testing, a smart thing would be an extensive beta phase like most games have.
Most MMOs (p2e, but I'm assuming this is p2p or shelf) start with an alpha, move on to a closed beta, then an open beta, then an official. If any major bugs present themselves in any phase it would get wiped before moving on.
Unless they're really 100% on everything they have I'm sure a lot of bugs will present itself and tweaking to full systems as well. Either way I hope to see it, Q2 2012 sounds like a pretty good date. 2~ years is a very short term for an MMO to be done, so 11/11/11 would have probably been quite rushed. I really don't expect it out til probably Q3 2012 despite the date.