A couple of tweets from the developer show the game is still very much in the depths of development.
There's no solid release date for Metal Gear Solid V: The Phantom Pain yet, but over on twitter the game's director Hideo Kojima has given some insight into the current stage that development is at.
The first tweet from Kojima shows the game running on a monitor with a what appears to be a PS4 controller on the desk.
"Continuing to put the game together."
In the tweet that follows Kojima explained, "Putting the game together is different from debugging or difficulty adjustment. Various element of the game (backgrounds, characters, progremming, motion, cutscenes, sound, etcetera) become one. While he plays, this is the phase where the creator sees if “the game is interesting,””the game is dramatic” and “the game is intuitive."
ゲームの組み上げとは、難易度調整とか、デバッグとは違います。ゲームの様々な要素（背景、キャラ、プログラム、モーション、カットシーン、サウンド等々）がひとつになり、プレイをしながらまさに「ゲームを面白く」、「ゲームをドラマテックに」、「ゲームをわかりやすく」する職人フェーズです。— 小島秀夫 (@Kojima_Hideo) December 29, 2014
The report of MGS V launching on 24th February 2015 could seem fairly unlikely now with what Kojima has said today. Either way, we'll hopefully hear of an official release date for the game early in the new year.