Right, but that would be a delay of the most recent target of March (and even more of a delay from the original target of 'end of 2012'). Couple that with the fact that they've dialed back their launch spec to 20-30Gb per run (from an original launch spec of 100Gb/run) and it sounds like the Ion Torrent juggernaut in running out of steam. Don't get me wrong - it's been a very impressive run and I fully expect Life to continually improve the system, just not at the rate we've been seeing over the past 2 years.
As I stated in the other thread where you brought this up, nobody is worried about the PII chip because the specs that LIFE announced for it have made it a non-issue. 20X coverage for a human genome is nothing to get excited about since 30X is accepted to be the minimum of what counts as a complete genome sequence. ILMN has already been providing 30X coverage per run for years. Will the PIII chip bring coverage up to 30X and beyond? Perhaps, but that won't even be released until 2014 at the earliest. And by then, ILMN will have already released their ordered array flow cells AND Q50 10kb Moleculo reads into the market, making it even harder for LIFE to play catch up.