I don't think that Itagaki is laughing at all, after all the first game took almost 6 years, 3 hardwares (Naomi/DC, PS2 and Xbox), some serious effort from allot of people to resurrect an old franchise and what an resurrection it was, the game set the bar to all action games, deep combat system, challenging enemies, amazing graphics and probably the best free DLC ever made (Hurricane Pack). When you look at the details, like the move set for each weapon, the animation, the AI, the crazy stuff that each enemy do, how they would circle you waiting you the make a mistake to just fuck kill you.
I know that some people didnt like NG2, and as gamers it doesnt matter if the developer is having problems with the parent company, what really matters is the final product, the game, and while NG2 had many flaws, the core gameplay was amazing, the combat system was more brutal, the enemies more aggressive, it didnt matter if they were missing a arm, a leg, they kept fighting, their mission was to not let you live, if Im gonna die Ill make sure that you come with me, shit you even had enemies that would throw at you body parts just to fuck kill you and even the final chapters were crazier than the final stages in Black. Of course we cannot forget the problems: low resolution, unstable frame rate, unbalanced difficult.
So
.If I were Itagaki/Mitsui/Ehara right now I would be pissed, those guys left a blue print to Team NINJA, how to make an great game, with the rights from NG/NG Black/2 and the wrongs from NG2, they had all the tools to make a better game and in the end they decided that the best solution was to throw the core of NG in the garbage and well
that sure is not a good thing to see, all your hard work, all the effort you and your teammates made to build a amazing franchise simple throwed away.
Anyway I do think that they could have made a more approachable NG, with lower difficult, but keeping the core gameplay intact, making the game interesting to old and new players.
PS: Sorry about the bad English.