A few points:
You use / as the delimiter for sed but the substitution contains / so choose a different delimiter such as | or escape the / in the substitution with \. Any delimiter can used with sed.
The quantifier {n} is part of the extended regexp class so use the -r option (or -E for BSD derivatives of sed) or again escape the extended features like \{2\}.
The g flag may or may not be needed depending if you have multiple matches on a single line. It doesn't make a difference for your given example but it's worth pointing out.
You probably want {1,2} for the days and months i.e 1/1/2012.
I would do:
$ sed -r 's|somedate:"[0-9]{1,2}/[0-9]{1,2}/[0-9]{4}"||' file
something and and something else
Alternatively by escaping everything:
$ sed 's/somedate:"[0-9]\{1,2\}\/[0-9]\{1,2\}\/[0-9]\{4\}"//' file
something and and something else