Epic announced in their press release that 'Gears of War' will be released on November 12th, that's just 5 days before the release of the PlayStation 3 in the US on Nov. 17th. In Europe it'll be released on Nov 17th, the same day as the PS3 launch in the EU:

Since the first frightening images appeared a little over a year ago, gamers worldwide have felt the ominous rumblings of something approaching that defies all convention. Sightings as recent as at the Electronic Entertainment Expo (E3) 2006 have confirmed its existence, leaving gamers breathless. Microsoft Corp. today announced what anxious players have been eagerly awaiting: Emergence Day 2006. Available exclusively for the Xbox 360â„¢ video game and entertainment system from Microsoft, the highly anticipated title "Gears of War" will be available in North America on Nov. 12, 2006.

Developed by Epic Games Inc. and published by Microsoft Game Studios, "Gears of War" tells the harrowing story of mankind's struggle against the monstrous Locust Horde through stunning high-definition graphics and an intense storyline on the scale of a blockbuster movie.

One of the most anticipated next-generation console titles of 2006 and the critic's choice winner for the E3 2006 Best Console Game, "Gears of War" will explode onto store shelves with a standard edition available for $59.99* and a limited collector's edition available for $69.99. The limited edition will offer an even deeper look into the graphically stunning and frightening world of "Gears of War," providing an official "Destroyed Beauty" art book and a bonus DVD featuring an inside look at the making of the game -- all enclosed in a highly collectible metal box.

News-Source: gamerscoreblog.com