So do the deniers realize just how insane it would be for Sony to do this if they had indeed cancelled the game?
It's a long wait for sure, but counting that it's probably a small team working on it, and that it was at some point put on hold (and probably went through a platofrm transition), it isn't THAT surprising.
Imo, 70% chance re-reveal at E3, 30% at TGS.
This being said, If not this year ... then I don't know wtf is up at SCEJ.
Timeline:
2007 - supposed start of development for PS3
Jan 2008 - A job listing indicate that development is underway
March 2009 - Fueda interview confirming project
May 2009 - early footage shown, "Project Trico"
June 2009 - first trailer @ E3, Officially The Last Guardian
Sept 2009 - Second trailer @ TGS
Sept 2010 - More footage/ Scrennshots shown @ TGS - Ueda interview that game is now "in ful production mode". Projected release date is said to be "Holiday 2011"
Jan 2011 - first "tech" demo shown to press (embargo to talk about it until March)
Feb 2011 - Ueda mentions in an interview that the goal is to ship worldwide "by the end of 2011) but some key gameplay elements are still not locked in (e.g. HUD/ UI)
March 2011 - Ueda says he is considering including the TLG demo with the Ico/ SOTC collection
December 12th 2011 - Ueda announces he is leaving Sony, but remains a consultant for TLG. The game's executive producer also leaves at that time.
Feb 2012 - Yoshida says that development on TLG continues, but very slowly. Ueda still onboard, and with help from Santa Monica (purely technical).
June 2012 - Yoshida says the game is having "technical difficulties" which is why it is not showcased
August 2012 - Yoshida confirms that at some point the game was actually playable, but then some serious technical difficulties presented. 2013 was unsure at that point.
August 2012 - The trademark for TLG expires, but is then renewed
Feb 2013 - Ueda confirms he still is consulting on TLG as "creative director". Yoshida says they are waiting for the right time to "re-introduce TLG"
June 2013 - Tretton says that TLG is in hiatus right now, but has not been cancelled. Right after that Yoshida denies and says that the game is still "actively developped"
August 2013 - Ueda says in an interview that yes, the game is still in development, but that other projects at SCEJ have taken priority (Knack and Pupeteer are mentionned)
September 2013 - Yoshida says that the game is still in development, albeit helmed by "a smaller team" and is being "re-engineered", leading many to think it is or has been transitionned to PS4 (after months of such rumors)
March 2014 - Rohde confirms again that the game is being developped, and that they are very concious of the very high expectations
June 2014 - IGN reports the game has been cancelled. Rohde denies, and IGN later retracts and apologizes
December 2014 - Ueda says the development is ongoing after "things being ironed out with Sony, and working under new conditions"
Feb 2015 - The trademark expires in NA, but Sony files to renew it.
IF the game ends up being re-revealed at E3 for a summer/ fall 2015 release (crossing fingers), it will have been quite a ride indeed.