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Is it likely that Apple has everything ready to go and are just waiting to install the CPU's?
It's possible, as they should have had access to Engineering Samples to accomplish that. But it will depend on a number of factors, such as how many people are/were assigned to the development team (hardware + software) to make sure everything is finalized, or will be by the time the CPU's and chipsets ship from Intel to vendors.

BTW, the hardware is likely still being done by Foxconn, and the software and firmware development by Apple.
 
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