First things first. MA hasn't announced a date or time yet because they don't want the same thing happening w/ all of their other failures or delays. I'd rather see them NOT announce formally a date or time frame and have them come out with a fully functioning product than rush it out the door.
Second, All of MA's partners have been instructed to be completed by January '09. It is a LOT more than just MA working on this, there are other companies involved and working on this project as well. If cry's launch into EU is going to include the other planets it's all got to happen at once and as seemless as possible. I'd expect they are finished January '09, but that their integration together may take another month or two, to ensure less bugs and issues. Ofc... bugs and issues will pop up, it's why MA has a support team and support system. They can't always find every issue, but the player base will and most report it.
Third, Cryengine is flexible and crytek are working well with MA to help out w/ the minimum system specs. If you've bought a computer in the last few years and it doesn't have a poor quality intel graphics card it should be fine. Just means u have to turn settings way down. If you still can't run it it's relatively easy to upgrade any computer with a new video card or more memory. Relatively cheap too less than $200usd in most cases.
Finally, with all the hype that's been up and everyone panicking about the cryengine. You have time, you have known it's coming for some while now. Look into an upgrade, or buy a new system.
**note... another option for those panicking as well... go and get the crysis demo... put it on your computer and see if it will run at any settings for you.
Just a general idea that will help you know what you will be facing when cry comes up, without all the assumptions.