The latest word is that the new South Ferry subway terminal is scheduled to open for revenue service at MIDNIGHT on Monday, March 16, 2009. I guess March 16th is the new February 2009 (which in turn was the new December 2008, which in turn was the new “late 2007”)…
Edit: NY1 confirms that Monday is the scheduled opening. Though NY1 thinks that South Ferry has been closed since December. Someone there needs to get a clue. A station can’t be closed if it never opened.

South Ferry "Project Schedule" as captured from the MTA website on March 9, 2009