At BlizzCon last year, StarCraft II seemed like it could have shipped by Christmas 2007. Of course, the reality is that gamers will be lucky to see it before Christmas 2009.
The content hasn't been finalized yet. The mechanics have yet to reach that perfect Blizzard balance. The new Battle.net isn't close to being done. The sound work has barely begun, and the music consists of temp tracks from the original StarCraft. But what Shacknews saw on the show floor at PAX was impressive nonetheless.