Highly doubt EOV will be that late. That team seems to be entirely independent and they're also fine with reusing assets it seems. Even if EOV is some huge makeover, the last mainline game is still 2.5 years old.
Expecting it in early 2016. I hope so, at least.
EOV will absolutely not be in early 2016.
They can always release another Untold in 2016 or even a collaboration spin-off if an EO game has to be released by then.In this Famitsu article, EO series director/scenario writer Shigeo Komori says just a bit about EOV, it seems. Can't read Japanese, but it sounds like the game's just entering active development (so it's most likely not a 2015 game). Also something about "back to basics" and a "pure 3D dungeon RPG."
Edit: Oh wow, wonder if I got it. The title that Atlus CEO said had just begun development that was slated for a release three years away from 2014 might be Etrian Odyssey V. The 2017 game was implied to not be a new IP, was referred to after hinting at an impending Etrian Odyssey Untold 2 announcement and, if we consider Shigeo Komori's interview, it would fit.
Something that comes to mind is the possibility that EOV isn't outright being developed for a platform that has been announced yet, which would explain why no platform has been announced for it at all, which is an anomaly when Atlus announces games (even considering Persona 5).