As terrellm touched on, when a domain name expires, some/many registrars automatically list one of the expiration dates as 365 days later. Unfortunately for the uninformed, this information is still listed in many WhoIs services -- when it actually should be listed as WhoWas.
I doubt, however, that this domain will drop in January.
The actual drop time depends on how many grace days the particular registrar allows. I think they still have a maximum of 40 days -- albeit very few still registrars do that many.
IF they did, then on the 41st day, the domain would go into a 30 day "Redemption Period" status.
On the 31st day, it would enter a 5-day "Pending Delete" status, and the domain would actually drop the day following the 5th day.
Thus, the name could drop on Thursday, March 5, 2009 -- or sooner, depending on the length of the Grace Period.
Of course, if the registrar who has this name has a partnership with one of the several after-market domain auction sites, the name won't drop until after it has been offered at auction, and received no bids.