Thanks to Sule Ozsoy, at an earlier thread, for clarifying where things stand in the process of electing a president in Turkey. If I understand correctly, the newly elected parliament must still attempt to elect a president, because the term of the current president has expired and thus it is not constitutionally permissible to wait for possible voter approval in October of the referendum on direct presidential elections.
With the AKP majority now reduced, it could again be impossible for parliament to elect a president. However, failure to do so could again trigger an early election for parliament, so I would expect the opposition to back down, given the huge surge in votes obtained by the AKP last Sunday.
If parliament does elect a president, then the first direct presidential election would not be held until 2014 (assuming the president elected by this new parliament serves a full term and that voters approve the referendum), because the constitution currently provides for a seven-year term (and five years for parliament). That president would be elected by a two-round majority system for a five-year term (and future parliamentary terms would be four years under the proposed amendments).
The interpretations above are mine, not Sule’s (follow the first link to see the full comment, which contains other information as well).
I am also linking this to a post at PoliBlog, where Steven cited me with information that is apparently incorrect.