IMO there is no way on God's green earth that we will see a full game released before the end of the year.
We'll be lucky to have a working BETA of Course Forge by then at this rate, lol.
The original plan was always to have a released game by mid 2014, but I'm thinking we might even see that slip back.
I tend to agree with Daz, but a lot will depend upon what people consider a full/finished game to be. I'm sure the plan is to keep updating and adding to the basic engine over a period of many years, so what is initially released may not in many people's opinions BE a 'finished' game. PP have already said that many features that I would consider necessary to think of it as a full game have not even been decided yet, so I think my personal idea of the full game is still a good two or three years away. I think the first release is going to be more along the lines of Custom Play Golf than of TW or Links in its depth, and will only offer the bare minimum required to play an online game. I would imagine that even the time needed to put in place a stable online environment allowing careers and country clubs will itself take many months of work, and I think people expecting to be able to play this by the end of the year are probably dreaming. I think the end of next year may be more realistic.
I do hope that the updating of Perfect Golf is primarily financed by the online subscription method though, as over time, this will encourage people to get involved, rather than feel like they are being ripped off - as with going down the Tiger Woods road and having to re-buy the same game year after year with only cosmetic improvements added. I think the perception of the company will be just as important as the game in defining its ultimate success, and is why many of us would like to see more effort spent on good communication and not just on game production, to keep the enthusiasm and drive needed, within the community.