The latest news from the Alan Wake forums is a release in Q3 2009, so like this August/September. With Remedy scaling back some of its' other projects, it's good to hear that they are keeping this one on track for EVENTUAL release
Oh and don't believe any "in game" footage seen right now (like on youtube) because it apparently is footage from a canceled game called Redwood something or other. The forests just kind of look like AWAKE.
Still super stoked about this one, I see a very HalfLife 2-esque type of game with a bigger world and some more story segments.