According to a report from Kotaku’s Stephen Totilo, The Last Guardian is still happening.
Sony’s Shuhei Yoshida, head of their worldwide studios, told Totilo that “the game is in active development. It’s not hiatus at all. But we are not ready to reintroduce it. When we are ready, we will do that. Please wait.” So it looks like we’re still waiting on The Last Guardian.
So I myself will continue to wait, for whatever PlayStation it may be released for. Cross your fingers this turns out better than Duke Nukem Forever.