Monty says "We have changed the release model so that instead of focusing on quality and features our release is now defined by timeliness and features."
A lot of projects have found the third choice to work well - focus on timeliness and quality, and let features fall where they may. This is the "time-based release"
"timeliness and features" is indeed insane; usually just a broken compromise because people can't agree on whether to be time-based or feature-based.