Joystiq's crystal ball lit up earlier today with notification of a blog post by Runic bosslord Travis Baldree in which the man from Runic states that "a game of this scope up to the quality and polish level we want to achieve is going to take a little longer," and also: "We've probably had 18 months of full development time on it so far - not excessively long yet, as far as that goes. The amount of time we need to take it the rest of the way is relatively small." Basically, it's not going to hit in 2011 as expected.
"Besides, you're all playing Skyrim right now anyway, aren't you?" observes the astute Mr Baldree. Why yes, I am. I just saw a giant totally bat a wolf up the side of a mountain! Awesome.