from the Teensy web site:
Update: Wednesday, Mar 23: Atmel still has not delivered chips. However, they are now shipping the ATMEGA32U4 chip in the larger TQFP package, but none of the tiny QFN package used on Teensy.
I am working on a version of Teensy which can use the TQFP chip. I'm making every effort to keep the board size "teensy". The TQFP chip requires 144 sq mm area, whereas the QFN used only 49 sq mm space, so it is a challenge.
When we know for sure the final board size, and a batch of new boards goes into production, I'll reenable the buy button again so you can pre-order, and the wait will be under 2 weeks. That will likely be next week.
PS: Clarification on title of this post: I myself am not teensy and a person I know well can vouch.