They will. Believe.
If they dont, we'll wait till TGS. Then till E3... and ever onwards, until either they show it or they cancel it.
And even if the game is cancelled, the journey wont stop. I will never stop loving the image of the ratcatbird nuzzling the little boy. Holy crap.
P.S. How the hell are you not one of the special members? When I think of any Neogaf poster who is on top of Team ICO and Ueda stuff, its you. Maybe iratA just hasnt gotten around to it.
Oh, I am ever hopeful. But all signs seem to point to a no-show again this year. But as you say there's always TGS.
I'd say cancellation is out of the question at this point. From what I can gather this game has been heavily invested in internally, in terms of effort and resources and priorities. It's not the vision that was put in doubt by the new administration at Japan Studio, but the execution - the way the game was being worked on.
In my opinion Ueda's method works great for smaller projects - he keeps total control of all aspects and maintains the highest quality throughout, starting from recruitment to the last touches and adjustments. It becomes some sort of obsession for him and those around him.
It worked well for ICO with a team of 20 or so, and well enough for Colossus' team of 30. But the bigger the team and the grander the vision the less control he can exert while keeping to the set goals. He's known to jump from cubicle to cubicle all day, checking on all of his subordinates, making sure everything's perfect enough. I don't know if he can do that successfully with a team of 50 or 75.
In any case it seems the constant pressure made him reconsider his position at Sony and decided to change things a little by getting himself some freedom and working on some other things.