Aye, but their meaning is from a purely technical standpoint: it's actually impossible for us to qualify for the CL until 2008-09.
I know it's impossible before 2008-09, but I'm still being optimistic and hoping it will happen then, even though it's unrealistic. And it's more than a purely tecnical standpoint that it "does not look likely before the 2008/09 season at the earliest." There's still the judgement that it is fairly unlikely for us to qualify for CL in 2008-09.
But I'm not one to let 'slim to almost impossible' chances destroy my hope, I'm a Newcastle fan after all.