I wouldn't call them liars, probably more along the lines of over ambitious? They probably thought they could do it but later found they couldn't. It sucks and It'd be cool if it makes it too Wii U, but even if it does it seems apparent that it'd be the lesser of the rest of the released platforms.
When that happens the normal reaction is a downgrade and an extra effort for the optimization. Not cancelling a game and releasing it 2 years later on another console. The only thing we wanted was a good sim racing with Gran Turismo 6 graphics ( a little better maybe) Is too much to ask for that on a console that is clearly superior to ps3? we don´t need a new state of the art graphics.