According to Tfl web site the application is approved and works should start in 2009.
There are some rumors reported on a Londonist article, related to King’s Cross station upgrades, that Finsbury Park train station could be completely rebuild in 2015.
Together with the plan to have a complete rework of the buildings on Stroud Green side maybe in 2010ish, it sounds like we’ll enjoy 7/8 years of regeneration of the area.
As far as I know there are no plans connected to Olympic games in 2012. But you never know, there is always time for that.
The external rework of the station and bus stop area was just the beginning. Take some pictures because FP station area will change completely in 10 years.