From what I heard it was supposed to be the first Source game coming to the consoles. So that means a set release date was before the Orange Box's release but I guess something happened and it got delayed. It sucks, but what I'm concerned about is they are going to use a 3rd person perspective instead of a first person perspective which kinda worries me. I love the game being in first person rather than 3rd person.
The Source engine might make Postal better. It's an old engine but you can still get a lot out of it if you take your time. Hopefully it will be good. And maybe you'll be able to use the many props, ragdolls, etc into Garry's Mod.
Delekhan: It uses the Source Engine not the Orange Box Engine since there isn't one.
The Orange Box engine is a modified version of the Source Engine. It's still Source but it's modified to support dynamic shadowing and lighting as well as dual core support.