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if the rumours are true then they would have spent around a year to 18 months working on it already and we still haven't got an announcement.

If we say a q3 release this year (if its true) then that could be about 24 months development time if they started straight after RE4 / Umbrella Chronices success in late 07, this is bearing in mind Umbrella chronices was knocked out in less than that time I think this is too much time being spent than just a polish.