Welcome to the Forum Thebelgian 
Looking for the release date is what brought me to the forum.
There hasn't been any word, official or otherwise, from Lionhead on the release date. I'm hoping a release date time frame will be announced at the
GDC.
I think the general consensus is that it will come out somewhere in the fall to the Christmas time frame. It is not at all unlikely that it will come out in 2008. One of the admins here, Dark Drakan, mentioned that Oblivion took 5 years to develop. So it could be even longer than that.