By choosing to release "whatever we can do" at a certain time it encourages you to make difficult prioritisation decisions as the "deadline" approaches. Are we really OK with releasing with just this functionality? Maybe we should axe X and replace it with Y since we don't look like we are going to get both. Maybe Z is an even better compromise that we didn't realise was an option at the beginning of the project.
If you try to hit functionality, it allows the organisation to avoid rethinking its planning decisions. We aren't releasing until the ideas we had 6 months ago are all implemented exactly as we envisioned it back then. By the way, why is it taking so long?
Of course trying to hit both at the same time is just a recipe for disaster.