So, here it is. I'm quite happy that Youko has escaped clutches of ADV, and ended at the sane half of Bandai. I may live long enough to see a release.

They sure are having fun at ADV's expense: "I've got to release it in North America this year... What am I going to do?!"

There's more, Bayoab live-IRCing the panel at #animedvd (the channel of AoD):

<bay|NYCC|Bandai> > trailer is over...
<bay|NYCC|Bandai> > So that is Gurren Lagann...
<JJR|Work> heh
<bay|NYCC|Bandai> > aniplex and bandai will be releasing it starting in july
<PioneerB> http://www.bandai-ent.com/gl/GL1.html
<bay|NYCC|Bandai> > as some of you may know...
<bay|NYCC|Bandai> > very new acquisition for us
<bay|NYCC|Bandai> > as a result of that... we are starting it in july, but it will be july/august/september release... SUB ONLY

Awesome, isn't it? They discarded the work ADV has already done and re-doing it as a subtitled release for expediency.

UPDATE:

<Chris|work> dub in q1 2009

Oh. Dubbed release is still coming, only later than the subtitled release.