it really isnt. 

To me it was because Shadow of the Colossus and Ico are two of the best games ever made.

I agree. Hiatus is a better explanation than the fact that this game that was first unveiled in 2010 (meaning in development for much longer) has apparently made no appreciable progress 3 years later.

In this case, Sony should have followed Nintendo's lead and just kept quiet about the game until they knew it was imminently releasing

I think it is obvious from what Shu said "re-engineering of the game"... I can't see a game being re-engineering for the same plataform (can happen? of course but in 99% of the time that means a new plataform).

I prefer the game on PS3 too but I won't blame then if they give me the game on PS4. And I will wait to see what Team ICO delivery before say they are a disgrade.

If the game ended one of the best games ever created then I can wait 10 or more years for it.

BTW over 3 years of devopment is not new in the industry.

So this will be Final Fantasy XVI exclusive to ps4 ?

At this point no way it lives up to expectations and I fully expect it to be on PS4 sometime in 2015.

This is a case study in poor development management.

When the game was revealed?

This. It's the spiritual successor to two of the most unique, immersive, and inspired games ever made, worked on by the same team and, by the look of the trailer, sharing a similar design philosophy.

Well, another new about Duke Guardian Forever. This is just sad. I hope the game will finally live up to the expectations.

By the way, in my opinion the successor to Ico and Shadow of the Collossus was already released: Pandoras Tower give a similar feeling. For me the true successor. Lets see how TLG turns out, maybe it can become the fourth entry in the series.