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Robert Jordan died in 2007 after the publication of Book 11 in the series. He left notes to complete the series which was only going to be one book (A Memory of Light).
After Brandon Sanderson started writing AMoL he realised that to put everything into one book would make it about 2000 pages long. Even by Wheel of Time standards this is excessive, so the book was chopped into three bits. The first bit "The Gathering Storm" was published in Nov last year (I believe the ebook has just been released for those who aren't geo-restricted). "Towers of Midnight" was released on Tuesday (and it's very good, btw) and the ebook will be released in Feb 2011. The final installment (A Memory of Light) will be released in Nov 2011. These dates are fairly firm, and all this info was originally released in the preface to TGS last year. ToM was released dead on time, and the progress on AMoL also appears to be solid. (If anyone wants to confirm this, check out Tor.com and Dragonmount.com) for more info.
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