Sony has announced, by way of SCEA producer Tsubasa Inaba, has confirmed that The Last Guardian and the ICO/Shadow of the Colossus Collection, have both been delayed. Originally pegged for release this year, Team ICO's upcoming work will not bleed into 2012.
"To provide more challenging and better quality of content to users and to fulfill First Party Studio’s obligations, I decided to postpone its release timing," announced director Fumito Ueda. "All the members of my production team are working together at a fast pace to develop and release the game in First Party Studio quality.
"I sincerely apologize to all the customers who have been waiting for The Last Guardian for so long, but I beg for your patience. I will also announce the new release timing at a later time."
This has been a long time coming, but I'm sure it'll be worth it for the fans. I'd rather have a game delayed for quality than rushed out the gate for a cheap buck.