They are calling it a Production Concept car.
I don't think it is that far off.
The KERS system may still be under development, and the V6 might still be in testing, but the shapes and forms of the body, and the lighting, and other stuff is remarkably finished, and looks much more production ready than the idea-concept C-X75, and other pie-in-the-sky concepts. This car probably isn't that far off of production.
And they are saying late 2012 introduction. It can't be that far off, in terms of work left to be done.
This might come to market barely after FR-S/BRZ.
(and I'll keep the BRZ issues for another forum, save one little tidbit of a comment. I have yet to hear a compelling reason, other than "subaru says they aren't going to", as to why they couldn't put a 6-cylinder optional engine under BRZ/FR-S's hood.)