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I think it will follow a path somewhat similar to Halo 3.  It will probably have a beta around May, and release sometime around September or October.

So far, the development cycles of both KZ2 and H3 seem rather similar:

  • Halo 3 was MS' #1 priority.  Killzone 2 seems to be Sony's #1 priority.
  • Halo 3 was in development for three years.  If KZ2 makes it out by the end of the year, it will have been in development for around three years.
  • Flashy trailers for both were released long before either game was finished, with little to no other information surfacing until less than a year before release (this has yet to happen with KZ2, but you know it's coming).