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Not to mention it took two years to build the AAA team to begin with.

Also, immense scope creep. The game to be delivered is nothing like the game people backed originally, and hopefully that's a good thing.

Until a game is delivered isn't it premature to label it a AAA team?

I think it is safe to say it is a AAA team, or at least it is the size and consistency of one. They have some very talented people working there.

Whether or not they put together a AAA game I guess is to be seen!

AAA refers to production quality of a game. The quality of what we're seeing is already AAA.