In a new press release issued this morning, En Masse said that TERA will release sometime in the spring of 2012. That should put to rest months of speculation as to whether the game will reach North American shores in 2011 (as well as whether it will be competing for launch customers with The Old Republic, which BioWare expects to release prior to the end of the year).
En Masse publishing vice president Chris Lee commented on the launch delay, indicating that the extra time will result in a more polished product. "The game's action combat and depth has generated a lot of interest, and we are committed to making sure every aspect of the game lives up to our standard of quality," he said.
[Update: Producer Chris Hager has penned a post on the official TERA website that offers a bit more info. In a nutshell, the North American client will enter alpha testing "later this year," with beta scheduled for early 2012.]