Just like I expected with Haze, MGS4 and R2 coming out in 2008 there was no way Sony would release KZ2 in 08. Now a Guerrila employee confirmed it. New internal target date March 2009:
http://www.neogaf.com/forum/showpost.php?p=10787109&postcount=49
If the game sucks they can't blame it on time. They have plenty of time to polish it now. My expectations for the game just doubled. I was loosing interest but now that it's coming out in 2009 I'm excited again.