The Last Guardian received a new trailer at this year's Tokyo Game Show and at the end, it was revealed that the game is planned for a release during the holiday season of 2011.
The game has been in development for quite a while and according to Fumito Ueda, that's because there was quite a lot of research and development put into the game.
Speaking to Eurogamer, he said "It's the end of the trial and error phase of production and it's time for to go into full production - crunch mode."
Hopefully they can stick to their planned schedule. This game can't come soon enough.