Yes, some developers can make absolutely amazing games in only two years.  Naughty Dog are a good example of this.  However, most developers aren't quite so able.

To give a few examples:

• Insomniac:  Released an incredibly underwhelming Resistance 2 after only two years, and switched to a three year dev cycle for Resistance 3.
• Epic:  Released a somewhat underwhelming Gears 2 after only two years (it was mainly the multiplayer that had issues), and switched to a three year dev cycle for Gears 3.
• Bungie: Has always taken three years to develop each mainline Halo game.
• Valve:  Valve Time?  Lemme know when the announce Episode 3.

I think, just like the other big games in the cinematic shooter market, Killzone 3 should've had three years in the oven.  Or at the very least 2.5.  Everything I've read says the game is incredible on numerous fronts, but it has a few issues that could've (and should've) been rectified with some extra development time.  Issues like:

• Cutscenes with weird audio mixing (almost no bass)
• Weird transitions between cutscenes/gameplay
• Cutscenes that people have said should've been playable ("should've been more like Half-life 2" I've heard)
• Offline co-op but no online co-op
• Missing features from multiplayer (patching in custom servers?  what the hell?)

Granted, I haven't actually played the game yet, but this is how I feel after having read various reviews and previews. 

Does anybody who has already played the game feel similarly?

Edit:

They have actually admitted that they ran out of time for a lot of things. They should have delayed the game, don't know why they didn't.

Plus they had to quickly immplement MOVE and 3D. 

cutscenes? a whole year .........

ya i personally think they should have ditched the move and 3d if they admitted they were running out of time. Especially considering the majority of their audience neither hass a 3d tv nor move. Could they have patched in move/3d support at a later date? Just wondering if thats possible. I'm personally going to rent the game first to see how it is. Wasn't exactly thrilled with killzone 2.

There goes your credibility! Both of those games ruled.

I think many of these issues could equally be placed at Killzone 2... well, the top 3. Issue 4 wasn't an issue because Killzone 2 didn't even have co-op.

It's pretty obvious. The best they can hope for is for a Valve like support where they patch all types of goodness in the game. Honestly, I'm not expecting it and as I said, this will struggle to sell half of what Killzone 2 sold.

so 1 million tops, right because people don't like cutscenes transitions. 

I was thinking the same thing after i played the SP demo, the game seems rushed and there were many problems with the game i thought. 

Half of what Killzone 2 sold? Sometimes I really have to wonder if you're serious with your predictions...