I'd say spring or summer 2009 in Japan, then Fall 2009 in Usa. Also, the release date of Final Fantasy XIII will probably affect the release date of Final Fantasy Versus XIII. For example, if FF XIII comes out on November 17th 2009 in Usa, then I don't think it would be probably for Final Fantasy Versus XIII to come out in March 23rd or so in Usa, since so many people will still be busy with FF XIII. Square Enix would want to space out the releases of these two games. Maybe move FF XIII to early Fall 2009 and/or move FF V XIII to late Spring 2010 or even Fall 2010.

Look for information at E3 or the Square Enix event in early August.