You are correct, arnie. You can see Carla's post here.

These are when the progress bar updates for VV3 were made:

60% January 7,. 2008
70% January 27, 2008
Official press release announcing VV3 February 6, 2008
80% March 9, 2008
90% March 13, 2008
95% April 3, 2008
99% April 25, 2008
100% May 14, 2008 (VV3 was released)

As you can see, the progress bar does not move in a linear fashion, and it's not possible to infer from the movement of the bar exactly when the game will be finished. We just like to give everyone some idea of our progress on a new game, but game development rarely progresses smoothly, as you can see from the dates above.