I think its unlikely that this game will ever see the light of day. Konami has thrown their eggs into the Lords of Shadow basket. If that game is successful, subsequent Castlevania installments will likely follow in that style and storyline. It would be foolish of them to confuse the new players they brought into the series by immediately shifting gears back to the old style that wasn't working before (at least from a financial perspective), after spending all this money and effort to re-brand Castlevania for a new audience.
Conversely, if Lords of Shadow bombs, you won't see this game either. A LoS failure will only prove to the Konami suits that Castlevania just doesn't sell. Iga's games didn't sell, the new direction didn't sell either, so what's Konami to do? Put the Castlevania series in a box in the attic and focus on game series that are more profitable.
I think the only hope this game had was to release before Lords of Shadow, sort of a last hurrah for Iga before launching the new direction. Since Lords releases later this year, and its been over a year and a half since we've heard a peep on this game, I think its safe to say its dead.