This according to Evil Puppet Masters, the official, unofficial insiders blog for all things Bad Robot (and friends). What's the distinction between being officially picked up and the now former status of "a series commitment?" I have no idea, but I'm sure it's an important one (read: important enough to crow about).
If you don't know about Fringe yet, the show is cast. The crew, from director to writers to producers is best summed up as a production dream team. The 2 hour pilot is in the can. It's going to have the scope of Abrams' LOST, packaged in a hybrid of X-Files, Altered States, The Twilight Zone and HOUSE.