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I like to look between the lines and analyze the 'other side of the coin' so to speak. The unspoken words, and the inactions can be just as good of cues to what is going on as to what is being said and shown.
PAX East, where the game was shown publicy for the first time, has come and went. Yet, the supporting public has not even had an official glimpse of game-play since then. What are we not supposed to be seeing?
The beta application site was launched months ago now, but there appears to be such a limited number of people being admitted that one also has to wonder "what do they not want us to know?"
It would make sense that most of the core mechanics and systems are in place now, at least in place-holder form. This would be enough for a reveal. However, the game must currently be content-lite at the moment. The developers are busy fleshing out their world so that you'll actually have fun when your in it.
Take a look at Guild Wars 2 beta for example. Every quest that was completed requested feed-back on how fun and challenging it was. This gave the developers an idea if they were heading in the right direction or not. A system similar to 'quest rating' must surely be in place for TESO, so its fair to say that either the small first wave of testers are giving initial impressions of the questing system, or that there is no content to test.
To say that the game may be delayed is premature. But in order to keep that idea from gaining traction within the community, it may be better to keep the interest for TESO surging by showing off some quick glimpses of the state of the game. As cheesy as Neverwinter Online's voice-over's were for their character reveals, they did well by keeping the public interested by introducing the classes.
Feel free to substantiate or refute my observations. No matter what they are - I do look forward to exploring the world of TESO.