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I wrote this up in another forum, pretty much a simpler version of the text from wikipedia

April 28, 1997 - Game announced for Quake II engine, planned release no later than mid-1998
November 1997 - Finally got access to the Quake II engine code

early/mid 1998 - first video footage released at E3 1998
June 1998 - switched to Epic's Unreal Engine, schedule of release pushed to 1999

mid 1999 - switched to newer unreal engine
November/December 1999 - screenshots released, 2000 release suggested

December 2000 - 2001 release suggested, and switched to "Gathering of Developers" as publisher

May 2001 - At E3, a second video was shown with in-game vids
August 2001 - Gathering of Developers shut down, Take-Two took over

2002 - new programmers rewrite several game engines including renderer. Most of the game up to this point was scrapped to make way for the next gen

May 2003 - CEO of Take Two said that it wouldn't be out by the end of 2003, and game directer said "Take Two needs to STFU imo"
December 2003 - expected to be finished by end of 2004, or early 2005

September 2004 - changed physics engine

April 2005 - suggestion that it'd appear at E3 2005, didn't happen

February 2006 - Director reported that everything was together and in full production; the guns, creatures and everything else had been finished and it was now being tweaked and polished
April 2006 - Director demonstrates an early level of the game, and a few other demo areas
June 2006 - Take Two offered director $500k to get it out by December 2006, he said it wouldn't happen
August 2006 - several key emplyees left 3d realms, delays because of this were denied

January and May 2007 - small screenshots were posted by the director
July 2007 - two more screenshots released
Decmber 19 2007 - new teaser released, director states that all other media is no longer relevant, including 2001 trailer. A brand new trailer is expected to be coming in the next few months

So yeh, don't expect a 2008 release, we have had trailers before