A lot of people were surprised to find out this game wasn't dead. It's the newest game from Team Ico (Ico, Shadow of the Colossus), it's been in development since 2007 originally intended to release in 2011 as a game for the PS3. Obviously the game didn't release when intended and for the longest time it seemed to have been in development purgatory as very little if any news came out of the studio regarding the game.
Now the game is due out next year for the PS4, from the looks of it, The Last Guardian shares the same kind of style and gameplay as Ico. It's an action-adventure puzzle game where you play as a boy trying to escape from a castle with the help of a large dog/bird type creature called Trico.
This looks interesting. I never played Ico or Shadow of Colossus, but I've heard the praise. Is this a game worth getting excited about? That kids voice already got annoying though. Imagine listening to it for hours on end.