Breaking News: BIG Update coming! Next Update to Test Will be...

[ukebec]

but we don't want to make any more promises we can't keep. Lessons learned.

Proving some of the other posters' points perfectly.

From the developer's blog, circa October 23, 2008 (the blog isn't dated, but I was redirected to the blog from a news archive of that date):

So what's the deal with Davy Jones and the Kraken? Do you have plans to add them to the game? Any hints on when that might happen?

Yes, we are definitely planning on adding Davy Jones and the Kraken to the game, and along with them will be all new Quests. Stay tuned for more details!

I don't mean to harp on it, but that was nearly 3 years ago.

That's why I take this latest announcement with a grain of salt, and will wait to see what it is, whenever it's released, before I get excited.