Pulling the 8GB to 4GB would not upset the developers so much as they have already been working only with 4GB. I myself thing the 8GB is not even necessary. Don't even think there the developers will be able to use much more than 4GB (they usually don't in PC games even when pushing it to the max).
Reducing it to 4GB would actually be a good move for sony. Only fanboys could actually think otherwise.
yeah I meant they announced stuff on E3 2005 and canceled it in 2006... sorry for the confusion ;)