Version 1.0 = Core product; The forum.
If that's done, and done well, and gold, then it's a matter of up to three months, for a major improvement or addon.
Changes of seeing a "portal" in December; I think realistic, but slim. Q1:2011; an option.
That is, if they are aiming to add a portal or any addon to 1.x branch.
Personally I would play "catch up" to features that users want out of a forum product, fix buges, improve existing features to be more complete, and work on finishing products/services and their main site.
And build a stable core that lets you create version 2.0, coming with an addon product such as pages revamped into a blog with comment system. Or the start of a portal. When there's time to take on an additional developer to handle the load.
Realistic for 2011? Yeah, not impossible. Unlike vBulletin, I am hoping it would make rapid development maintenance releases that support an auto-upgrade; and bigger point releases for underlying structure improvements and new options, permissions, features and what not. And version increments when this core code has been updated to better support something new like a blog, cms, newsletter, etc. (version 2.0, 2.1, 2.2, etc).