If you are Methusaleh and Jesus tarries, yes. It was first planned something like 75 years ago.
As to delays, they are to be expected. Another big but less known project by the MTA, called the East Side Access, is being worked upon out in Queens. ESA will allow LIRR trains to also terminate in Grand Central, which will immediately improve the value of most of NorthEast Queens, but especially express stops like Woodside, Bayside, and Douglaston. Especially Douglaston, where the schools are good,the lots are large, and there are nice water views. When I first heard about it, the expected completion date was 2008. No ESA as yet, now the date is 2013.....if the funding comes through. I'm about 1/2 mile to the Murray Hill local LIRR train station, with other transportation options like the Bus to the Subway if I need to get into NYC, so I am not holding my breath or relying on it being done anytime soon. Frankly, I don't think it will finish until 2020, probably the same time as the Second Avenue Subway, so if you have a 12 year horizon, then great. If not, then it will be a nice perk if and when it ever gets done.