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Happy 37th birthday, netean!

I hope it was a great one.

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In reply to this comment by netean:
This game feels like it's been in development nearly as long as Duke Nukem Forever - I remember seeing early footage just after Quake 4 launched.

Tragic to think that after all this time, all this development and money, they've made a very visually stunning game that looks quite dull and tedious. To my eye looks exactly the same as Quake 4/3/2/1 Doom etc just with better graphics.

So essentially this is Quake 1 but you'll still need to invest an a top of the line new gaming rig just to get more than 15fps.

ID Games: a 1 trick pony that seem to think if they up the graphics enough time no one will notice the total lack of originality!

ID Tech 5 is portable across all major platforms. A high end gaming rig is most certainly not required. It's designed to make cross-platform releases have as much parity as possible. The fact that is made to run at solid 60 FPS on a PS3 and an Iphone as well as PC and 360 is probably one of the reasons it took so long to develop. I'm sure you will be able to crank up the bells and whistles on a high end PC but that was not the intention of this game or the engine.
Another reason for delay would be that Id is actually creating a new graphics technology too. Not just cranking out a game based on someone else's engine. Id Tech 5 streams MASSIVE amounts of textures on the fly into and out of memory seamlessly. Game devs never have to worry about texture memory constraints or making each platform look good. The engine optimizes everything per platform so each looks as good as possible while the developer only need make one version of the texture for all platforms.
Another reason for a long delay would be that Id licenses it's engines to a bevy of other game companies who could not pursue or afford the R&D of developing new tech. Part of selling such a high cost package is they need to provide usable tools for artists and programmers to interface with. This is a priority for their profitability down the line because if the tools suck there will be heavy tech support costs to fix them and maybe a lawsuit. "Rage" is just half of the equation here.
Finally, I believe the delay in this game could be attributed to it being a semi-open world exploration game, with a story line, and with a sizable racing component thrown in as well. It is not just a first person shooter as you see in this clip. In fact the multiplayer part of the game is said to be just the combat-racing. Not deathmatch or CTF. It's a pretty big departure from the "one trick pony" you describe.
Personally, I would like game devs to release a game when it's fully completed and not draw unfair comparisons to 3D Realms' laughable situation. There really is no similarity at all if you know the facts.