Could anyone tell me, how should I understand the expression in the title? As far as I can google, this is equivalent of "TAAADAM!", isn't it? Or at least it's my guessing.
Es ist soweit can be translated as Time has come, or Now is the time.
So Bald ist es soweit can be translated as Soon, time will come, or Soon, it's the time or, more loosely, It won't take long anymore.
Bald is es soweit => Es wird bald das passieren, worauf man gewartet hat, oder was man erwartet oder gehofft hat.