It was meant to be out in July. We're obviously well past that, but Terraria's big 1.2 update on the PC now has a release date, and that date is October 1.
I was really hoping Minecraft would have this much content. That's what I was expecting when it was in early development. Terraria has a level of insanity that Minecraft doesn't even come close to scratching.
Though they're still adding things to Minecraft, so I guess it could still happen. It's just at the rate they're going it will be roughly the year 2400 before it even matches half of what Terraria has.