I don't get how Colin and Greg don't seem to think TLG was shelved for long periods of time.
The fact that it wasn't gonna work out on PS3 makes a lot of sense to me. Here's how it obviously went:
> Game is being made, they're confident the game will be able to run well on PS3 and keep pushing back optimization
> It eventually becomes clear that doing so will require a lot of reworking, maybe an engine change, that's determined to be way too costly (as tools and a team of programmers performing such a task is the most costly aspect of any game's development)
> Game is shelved for an undetermined amount of time because it doesn't make sense for this project to rebuild the engine, considering it's not projected to sell 5+ million copies, but Sony knows people want it and that Ueda and team Ico make beloved games.
> Sony recognizes the game as an asset and does not cancel it. Team moves on to other projects within Japan studios.
> PS4 dev kits come in 2012, Sony gets a small team of programmers to port the game and its engine to PS4
> Game runs well enough, Sony rolls people off other projects as they finish them and officially starts up development again.
> 2016: Game releases and isn't over budget.
It's project management. Shit happens. If Sony is smart, that's what they did. The game's development couldn't have been the dumpster fire some people seem to think it was, otherwise the game would have been cancelled. Sony has cancelled games before, and they're a smart publisher.