Sony was way too soft on their studios and it really hurt them in times of critical need. Polyphony took WAY too long to put out GT, even tho it sold well....it aint pushing the type of numbers anymore to warrent a free pass like it used to get. Last Guardian development is a total catastrophe and a syphon on Sony funds. The only reason it is still in dev is because there would be an even worse backlash if this game that so many were anticipating doesn't release. This is a lot like FFVersusXIII, which we saw SquareEnix stock plummet when the rumors that it was canceled came out(which it most likely was but Square was trying to kill it quietly as not to alarm stockholders and save face). There are numerous 1st Party Endeavors which did not earn their keep. Starhawk,PSASBR, Puppeteer, Resistance 3, WKC, MAG, etc. Many of these costing way too much for what they produced. Sony has always been a fan of letting artistic minds run free.....but they have to draw the line and when these developers promise the next big hit Sony is now holding them accountable and their jobs are on the line. Sony can't afford anymore dud releases. To be on Sony's good Dev list you need to be making a game that either showcases their hardware power (Killzone, LBP,Uncharted) and/or able to sell millions with minimal loss.
In the dev's defense, Sony definitely sent a few of these games out to die with no marketing and at the worst possible times.