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You've already waited this long, and now you'll have to wait a little bit longer. Sony Computer Entertainment and Team ICO have confirmed that the impending release of both the ICO/Shadow of the Colossus Collection and The Last Guardian have been delayed.
ICO/Shadow of the Colossus was due out in the northern hemisphere's Spring 2011, while The Last Guardian was anticipating a holiday 2011 launch. Unfortunately, both have now been pushed back - and, to make things worse, we don't have any new dates just yet.
The Last Guardian's Director/Game Designer Fumito Ueda explains:
I announced at last year’s Tokyo Game Show that the release timing of The Last Guardian which is currently being developed would be holiday 2011.
However, to provide more challenging and better quality of content to users and to fulfill First Party Studio’s obligations, I decided to postpone its release timing.
All the members of my production team are working together at a fast pace to develop and release the game in First Party Studio quality.
I sincerely apologize to all the customers who have been waiting for “The Last Guardian” for so long, but I beg for your patience. I will also announce the new release timing at a later time.
On one hand, this sucks. On the other, 2011's looking pretty full of awesome game releases, so it's possible that the delay might mean the games are released into a slightly more spacious calendar, where gamers can give them all the attention they deserve.
Until then though, it's back to the thumb-twiddling and the impatient waiting for an unknown date. We know that dance all too well.