not sure about that last sentence - yes, they have spent a lot of time on the game, but Team Ico itself is a small group and I'm not sure how many people actually worked on the title (and workstations, salary and outsourced work/licensed work afaik are the main expenses of a video game production)
ofcourse now that Sony Santa Monica is in with it it should be a lot more people and a lot more expensive if they take a long time