The Madrone is taking reservations for move-ins late next summer/early fall, with 3% due at contract signing and an additional 3% to escrow sometime in early 2012. A lot can change between now and then, but as long as you are committed to the neighborhood for a while it seems like a very solid building.
The answer to is it a good investment depends a lot on your holding timeframe, and what you would do with your cash if you didn't purchase. If your holding time period is 5+ years, you should feel fairly comfortable that the current tax benefits probably put you in a pretty good position when compared to renting a home of similar quality in the neighborhood. If you are looking for a short term flip, you'll probably come out disappointed on the other side.
The Madrone has some nice amenities that other buildings in the area won't have. The air-conditioning in the homes is one great example of something that The Radiance will most likely never have. Businesses also seem fairly committed to the area, with the saleforce campus being the obvious example.
There is a fair amount of construction planned for the area, so depending on when you sell you will most likely be competing with new homes that have never been lived in. So where those developers price their inventory will have a pretty big impact on what you will be able to sell for down the road.
Ultimately, I would say your own personal situation should be the biggest driver of your decision. Chasing the market up or down can be a pretty futile experience - focus on what you know you can control and make decisions from there.
Good luck, and don't hesitate to let me know if I can be of any other help.