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Cheebee said:
Lol, considering nothing from the game's been shown since that initial trailer, I'd say they never even worked on it at all. Seems like it was some sort of tech-demo to me, or they'd have shown/told fans -something-.

http://teamicogamers.blogspot.ca/

In case somebody missed it, Fumito Ueda talked briefly about The Last Guardian in a Famitsu interview. The team is still hard at work on the game. Right now SCE are focusing media attention on already announced games Knack and Puppeteer. The Last Guardian has returned to being "unannounced" so he cannot talk about it. Shuhei Yoshida himself said so in an interview this week. As for in-house treatment, The Last Guardian is being treated just as it has always been - a game in "earnest development." I've seen some inaccurate statements tossed around but I guess Ueda-san's comments are clearer in Japanese.

As for the reason why Ueda-san won't comment further about the game; if The Last Guardian has become a PS4 game and is being treated as an unannounced game he won't talk about it until SCE announce it again. It is very frustrating that he won't talk about the game's progress but the truth is he cannot by contract - not out of disrespect to the fans however. It's safe to presume his contract includes an NDA, which means he cannot discuss the game openly unless authorised.

Meanwhile Yoshida-san confirmed yesterday The Last Guardian will be announced again sometime in the future. And yes, from his comments one can infer it has been reworked into a PS4 game.