Nope, it's right on schedule.
Because of the nature of these episodic games, the team is working from a schedule that's like a TV season's schedule. It would be impossible to release a game every month if we were working on the game right up until its deadline, because each game takes more than a month to make.

) The schedule is set up with this in mind. Typically, with a TV season, the first several episodes are finished before the season even starts, and the remaining episodes are produced as the first episodes air. That's sort of how Telltale's doing the Sam & Max games.
On the other hand, although episode 1 isn't finished yet, some people here are already working on epsiodes 2 and 3...