I think he's trying to suggest that Last Guardian feels like a PS2 game at it's core. I think it will be incredibly interesting to see how it turned out. Team Ico never release a PS3 game, and as developers transitioned from PS2 to PS3 last-gen there were many games that didn't quite shed that past-gen feeling until the teams released more games and matured.
Gameplay-wise, I could see it feeling reminiscent of Shadow of the Collosus in many ways, but I can't imagine it isn't conceptually a PS3 game. It will be an incredibly interesting game to try out.
Visually, I think the game looks pretty, even if it doesn't quite look like a top-tier PS4 game, it definitely looks like it would have been a remarkable PS3 title. Hopefully they've had time to push the visuals even more.
Oh yeah that's a good point.