The Arena Net FAQ page has been updated to include some exciting new information for Guild Wars 2.
“We will be conducting small closed alpha and beta tests in 2011. The feedback from these tests will determine when we will do public beta tests and ship the game. Guild Wars 2 is a very large and ambitious game, and Guild Wars players rightfully have very high expectations. We want players to be absolutely blown away by the game the first time they experience it.”
Although this is great news, the release date is still to be announced, and the community managers still remains firm that Arena Net will follow their "when its ready policy" to ensure the game's quality upon release.
“The existence of friends and family closed alpha and closed beta this year has changed nothing about the release date. The release date continues to be: when the game is ready.”
Here's some concept art to keep you excited :)