I was lurking at the museum open house for the full 2 hours.
Regarding the construction timeline - I did hear one of the architects saying that the fitting-out process for a museum building, after it's handed off from the building contractors, is extensive and would take as much as 8 months on its own.
There's also demolition of the old coast guard building on the site, and a lot of site prep work to be done.
Regarding the facade, the tentative plan is to have a sort of pixellated effect where it transitions from opaque terracotta toward King Street to a fully glazed curtain wall toward the water, hence the stepping from reddish to blue in the conceptual drawing. The curved front is meant to evoke the ribbed structure of ships, canoes, and whalebone framed dwellings, with the internal rib members to be made of laminated wood. Malcolm Boyd was comparing the intended design of the ribs to the ceiling beams in the Q-Plex.
The public galleries would all be in the glassy end of the building, toward the water, with the collections and archives (which have to be protected from sunlight) toward the street side. That end of the building will have a perimeter corridor around the archival spaces so as to facilitate climate control (because it's much more difficult and energy-intensive to regulate a room with one or more exterior walls). You can see this on the floor plans as there's a white strip of hallway isolating all the archives from the nearest exterior wall.
Regarding the artist rendering: everything aside from the museum building itself is creative liberty taken by the artist. Malcolm Boyd said they rendered it with a high water level so that they could have the reflection in the image to accentuate the building. Any plans to move the volleyball courts would be on the city to decide and not part of the museum project (you'll also notice if you look at the lower-right of the concept drawing that the moose statue has been moved across the slip; this was purely the artist's doing and there are no plans to actually move the moose).
There was one guy there asking an architect about how the project would affect the view and property value for his nearby condo in the block between Water and Prince William, which has a rooftop patio overlooking the site. Don't suppose that was one of you?