Ugh, people have been fabricating delays for these titles for the last two years. Here's the deal:
The first delay was due to Growlanser II being rejected by SCEA, sometime in Summer '03, and being shoehorned in with it's sequel to form "Generations." This forced WD to wait until Growlanser III was done, and so the date for the package was set for "Spring 2004." Obviously, that didn't happen, and nobody really knows the reasoning why (a few journalists hint at "more troubles with SCEA," but there's nothing concrete).
2 delays.
This right now isn't a delay. The only date they have given is "September," with RPGCritic saying (just today, actually) that he was told "mid-to-late September." Despite what online retailers are saying (EBGames said the 1st, GameStop the 14th, & now the 29th), there probably isn't a concrete date for the release yet.