Sony has confirmed that the release of the Ico/Shadow of the Colossus Collection and The Last Guardian have both been delayed from their Spring 2011 and Holiday 2011 release dates, respectively. Information on a new release date will come at a later time.
I announced at last year s Tokyo Game Show that the release timing of The Last Guardian which is currently being developed would be holiday 2011, wrote Team Ico Director/Game Designer Fumito Ueda. However, 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.
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, he added. 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.
Source: PlayStation Blog
