It will come out in 2015. They have announced it as part of the deal. Would be a bit embarrassing for Disney if it wasn’t ready for that year. Lucas is like James Cameron. He takes his time for no reason. No film, even big ones, needs a whole three years to bring to life. Or more, in Cameron's case. One and a half to two years is more than adequate. Let's say the film is coming out in the summer of 2015. That's basically just over two and a half years. Also, who knows how long Episode 7 has been in development for. My guess would be quite a long time. Hidalgo found out in June, and it was clearly in development quite a while before that. A writer is more than likely already starting work on the script, and a director will probably be hired by early next year (round about March, I'm guessing).