I've already said it before, made a thread about it. The Last Guardian has been silently cancelled. Sony will keep denying its cancellation and continue telling the fanbase they're hard at work but they'll only do this and have only done this when they've been asked. It's always been a reply to someone asking about it for the last few years, not them coming out and saying anything on their own.
PS4 is selling at a good pace. Sony doesn't want to possibly ruin that by dropping the cancellation of a game that people may be interested in purchasing the PS4 for. The longer they wait, the longer these people may be interested in something else that gets them to purchase a PS4.
There's a chance that "The Last Guardian" may get released in the future, but it won't be the same game. It might not even be a good game. It might be something thrown together just so they can capitalize on the IP that has become popular for little to no reason at all.
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