Arvind Bhatia, an analyst at Sterne Agee, believes that StarCraft II will not be ready for a 2009 release, citing delays to the game's beta test as the reason for the slipping date. According to the Activision side of Activision Blizzard, StarCraft II is slated for an October 2009 release.
This is the part where I remind everyone how Blizzard works. It doesn't play the release date game. When the game is done, it will be released. It was already almost guaranteed that StarCraft II wouldn't be released until 2010, but maybe Blizzard will surprise us. I'd love for a release date reveal at BlizzCon in August.
A 2009 release is still feasible if the beta starts up within one or two weeks. As it stands, the multiplayer component is a separate beast from the title's singleplayer part. It won't be balanced at release regardless of how long the beta runs and Blizzard could feel that the competitive piece is in a good place near the end of the year.
Time will tell. I just want the beta!