My guess is that 3DR is chasing the engines in an effort to not look totally dated, but they need to just put the damn thing out with good content. This is, after all, a sequel and there is established interest for it [or why would everyone be posting on this subject?]. Don't worry about Valve and pay attention to Croteam.
Even with Daikatana, people were so fascinated by the history that lots of them wanted it to come out and rock - unfortunately it was a painful piece of steaming crap. But if it hadn't been it would have sold millions.
George, did you really say "we don't want hype"? Ah, memories fade.
CultureShock, I still don't think he owes you the money. It sounds like the Take 2 money went to Infogrames because GB et al had already sold their rights years ago (including the old Duke rights).
My plan is to wait for the game to come out and get reviewed. If it sucks I skip it and if it rocks I buy it. I won't have a hole in my heart either way.