Since then a community representative from Bioware posted a number of responses confirming that it is, in fact, the launch portal for the upcoming beta program.
He also had this to say:
So while he neither confirmed, nor denied the rumor that the countdown is related to the beta, it would appear that this is not the case. If the beta implemented slowly, and in tightly focused groups, it’s unlikely Bioware would arrange such an attention grabbing countdown. Why create such a media frenzy for a beta with only a few thousand participants?
Beyond the clock, it does look like the beta is approaching. If you haven’t already, make sure and visit their Beta Account Portal, register and update your information so you can be considered for the first wave.
Excited about Star Wars: The Old Republic, Ranters? Think the beta is just around the corner?
Source: Darth Hater