The latest on Sadness is thus: the official website will be launched next week, along with some new images. A chap from Fog Studios (because they're so damn hazy on the details) says it's all real, and Nibris is still working away without a publisher. The lack of a publisher means a lack of a release date. If the game exists.
Rest assured, if any of the above actually happens, we will let you know. We know what a promise from anyone remotely associated with Sadness is worth, so don't hold your breath.