This is actually great news. I was concerned before about the open ended nature of the DM Client ship schedule. It reminded me too much of the "Toolset for Mac" situation -- "It'll be there. It'll be available later. It'll never see the light of day." I never even dreamed they would have the DM client available at launch.
But on the topic of PW's being ready at launch. While that's certainly true, Fergus did say when asked about a "demo" of the toolset being released in advance of the game release, "No, we won't be doing a downloadable demo of the toolset. What we're going to do is get the toolset into the hands of some of the more active modders for them to use and give us some feedback." So it sounds like a restricted beta test of the toolset will occur. If Layonara was part of that beta, it might make an early 2007 release of Layonara that much more practical. I don't have any idea how the Dev Team would sign up for this kind of thing, if it actually happens.