Strange, Sacred 2 was great for me on my xbox except for a few bugs.
The character being "frozen" and unable to move unless you teleport yourself, unsolvable, just delete and start again.
"Save game manipulation bug" making offline trading impossible, unsolvable, just delete and start again.
I would guess the game will be released in about 1,5-2 years, maybe a bit less, maybe a bit more

If we go by "standard development time" a game needs a full 3 years from beginning to end, and since Sacred 3 was announced last year I would guess around 2 more years development time.
Though, a good engine, big/experienced crew and such can shorten the development time. What problems did you have that ruined your xbox-experience?