this link has it listed as to be coming out in December.
I take this with a grain of salt, considering
a) Subt Masq is not the only project the members of this project do. November's Doom among some others.
b) This record was talked about being released as early as the Summer or Fall of 2008.
But the fact it's listed there, plus a friend of mine was able to speak to Paul Kuhr, the vocalist for November's Doom & Subterranean Masquerade last year when ND played in St.Paul, and he mentioned this record should be released in 2010.
If it in fact does make it out in 2010, it may be my most anticipated Metal record (if it wasn't already). Their debut record "Suspended Animation Dreams" is among my favorite progressive metal and extreme metal albums. It only has become better with years of play. And the ep "Temporary Psychotic State" is something I've grown to enjoy a lot within the last year as well.
Although with a December release date? it may feel more like a 2011 album. But perhaps that December date is just a window, i.e. it may find it's way out earlier like October/November-ish.