Shuhei Yoshida, Sony Worldwide Studios chief, told Eurogamer that the game is still under development, but had to be re-worked because of serious technical issues.
“The team is still working on it very hard. There are certain technical issues they’ve been working on. That’s the period of time when the game, looking from the outside, doesn’t seem to be making much progress. But internally there is a lot of work going into creating the title.”
What’s taking it so long? We don’t even have a demo, or a new trailer, apart from bits and pieces of discussions and rumors we put together.
“We had the game playable. At one point we felt that it would be produced for a certain time period. That was the time we prematurely talked about the launch window. But it turned out the technical issues are much harder to solve. So the engineering team had to go back and re-do some of the work they had done.”
Luckily, the game still remains on the PS3, as Yoshida explained. “The game is developed on PS3.”

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