With his role as the R&D director for Qt at Nokia, Lars Knoll has proposed "we aim for an alpha release within two weeks from now." Word came this morning via Qt's development list.
Lars isn't calling for any greater QA work for this first alpha release besides what's being done with their continuous integration system at present, but he is checking in on the release scripts and is calling for some release notes to be put together for Qt 5.0.
Qt 5.0 went into feature freeze last month after Nokia announced last year that Qt 5.0 would come in 2012. This is also the first major milestone under the Qt Project that was formed last year.