Ueda speaks about The Last Guardian.

[Zim]

SvennoJ said:

Well maybe Prey then, 1995-2006. Still turned out to be pretty good although portal stole it's thunder in the mean time.

Majin and the forsaken Kingdom was a good game but I don't think it's very comparable at all. You pretty much have direct control over the Majin and he's very limited in where he can go.
I think the major difficulties they're having with TLG is in realizing the vision of an autonomous AI of that size that has to be able to navigate through all the architecture in full 3D while responding to what the player is doing. I really hope they can pull it off without having to redesign major parts and restrict where he can go. I have already played and enjoyed Majin and the forsaken kingdom, not waiting for a look alike. (A follow up sure, WiiU maybe?) I am however very curious to see what they can do with TLG. Ofcourse whether it will ultimately be worth it remains to be seen.

No more trailers and screenshots is both a blessing and a curse. I don't really want anymore spoilers, and I guess they're also hesitant in showing things that might have to be scrapped at the very end. Still I hope to see some more at TGS.

Again I'm not saying TLG won't turn out good. Simply that for the future of Team Ico it is very concerning. Prey was a pretty good game but it didn't work out so good for 3D realms or even Human head. With Prey 2 being delayed and rumours of cancellation for Human head. For 3D realms with the original Prey requiring human heads' help and then two separate studios to handle the 360 and Mac ports. As well as being one of the last things 3D realms managed to do. 

Reading the impressions from gameplay demos people saw the game sounds almost identical to Majin. Simply that the creature is mostly controlled indirectly as opposed to directly. Although that has later been listed as one of the things that was stopping development as trying to play with an A.I. that is purposefully not helpful sometimes is difficult to make fun. 

The total lack of any media is the real issue though. The fact the game was been on complete black out for years is very disturbing. It likely means that either it is in a state that is unshowable or they are so unsure of the direction that they are taking that they are afraid to show it and then have to change it. I think the last public showing was TGS 2010, so nearly 2 full years ago. Then the press got to see it about a year and a half ago. The fact that messages about the game are so confusing don't help either. In 2011 it was in final crunch mode, then nothing. Months and months before E3 Sony Santa Monica were called in to help and get it sorted. Yet come E3 there was nothing to show as it was still having technical difficulties? What state is the game in that with Team Ico having worked on it for years and people from Sony Santa Monica (I think everyone would agree an extremely talented studio) helping on it for months that it still can't be shown?

Also I forgot to address your point about a relaunch on PS4. Keep in mind that this generation developers and publishers have been incredibly lucky. The change from SD to HD TVs has meant that you could simply do bundles of games from last generation put into HD. TLG will already be in HD so you can't simply release a HD version. Likewise it is only one game so you can't create a bundle to increase value. If they wanted to release it on PS3 and then relaunch it on PS4 then they would have to do more of a full on graphical overhaul.