Is there any word, no. Blizzard likes to say "Hey, were working on it... and we will get back to you with a release date"
Straight from the Blizzard.com website:
http://us.blizzard.com/diablo3/faq/#3_1
When will Diablo III be released?
It's too early to estimate Diablo III's release date. As with all Blizzard Entertainment games, our goal is to create a game that is as fun, balanced, and polished as possible. We intend to take as much time developing Diablo III as is necessary to ensure the game meets our own high expectations and those of our players. We're aiming to release Diablo III on both Mac and Windows simultaneously in as many regions as possible, and to localize the game in several languages. We'll have more details to share about countries, languages, and specific dates as we get closer to release.
There will most likely be no monthly fee.
Again Straight from Blizzard.com website:
http://us.blizzard.com/diablo3/faq/#3_4
How much will Diablo III cost? Where can I buy this game?
Pricing and availability for Diablo III will be determined and announced closer to the release of the game.
Blizzard does not know exactly when these two are going to be completed. SCII expansion might be released before Diablo 3 to give the developers a bit more time to refine Diablo 3. But as you so very well stated "who knows".
Im not sure what game gave you a bad experience, but we aren't in the dark ages anymore. If a company says they are working on something, it could range anywhere from "looking into it" to the final finishing touches. That goes for any company, gaming or not.
If your going to pay $60 for something... wouldn't it be a good idea to do some research on it so that there aren't any of those "surprises" once you have it?