Actually, according to a Gamasutra interview with Wes Yanagi that very much seems to be the case, although he doesn't out and say as much. It sounds like cross-platform and controller/UI iteration are probably giving SOE the most grief. We take it as a good sign that they're not rushing it, though, as it shows their seriousness at making this 'massively multiplayer action game' work.
As for alpha and beta? According to Wes, "We're still pre-alpha. We're really close to hitting our alpha goals, so hopefully in the next several months, we'll start talking about it." Seems like the game is still a ways off into the future. So long as SOE doesn't release near a World of Warcraft expansion, we think they'll do just fine.