We've heard rumors that the Team ICO game won't be shown at TGS, but it's been confirmed they're working on a game. It would fall in line with their normal release periods for a game to be released in 09, so I think one will be. I just don't think they want to show it now. It would be like emphasizing God of War 3 which doesn't come out until next year, which would overshadow some of the other good games they have coming out before the holidays. At the same time, God of War has been announced and videos (although not gameplay) also shown.
Maybe they're waiting until they can release some good gameplay footage before announcing the game? It would be a massive change-of-pace for what Sony is used to doing, but I'd prefer they did that with all games honestly.
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