Sounds a bit nuts but makes some sense. The games development was obviously pretty disastrous on ps3 - they announced the thing before the console launched and in that time we've still barely seen a sniff of actual gameplay. I've no idea how the studio managed to royally balls things up for that long, and still get funding, but moving it to Ps4 exclusive then at least makes some sense. One console means that the technical difficulties in multiplatform developement are overcome and the ps4 is a much easier system architecture. Even if it doesn't make total sense financially it might be the only way the dev team ever finish the project lol.
$120m is a pretty big figure, but isn't really surprising. Most western studio's cost an estimated $20m a year to run, multiply that by 7 years and you get a larger figure. Japan pay their developers a bit less though. Sony could easily incentize exclusivity too, by cutting royalty rates on the game or something.
I just hope when they next show the game they actually... show it.
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