What would be a realistic release date in your opinion? Personally I'd be surprised with 2015.
I think it could be done within a few days after Gemini is becoming a trust company - they had more than 2 years to prepare the ETF. Not sure if that's in 2015, but it could be.
There is no way the SEC is gonna let it pass using the last S-1A
There is a 90% chance they will submit another S-1A and remove exchanges like btc-e, mtgox, etc. They will replace all the foreign bitcoin companies and resources with things like Gemini, Coinbase Exchange, itBit and other regulated infastructure.
Then the SEC will review it again.
note: I am not a legal expert, not giving legal advice, and I am not dealing with this ETF in any way. I am just giving my opinions.