Well i pre-ordered Bioshock 2 in February 09, it doesn't come out till Feb-March 2010. It's not exactly going to be cancelled, it's got the words Metal, Gear and Solid; on the front, the most popular stealth games ever made. Even VS Splinter Cell and/or Hitman.
It won't be coming out until 2011 at the earliest. They don't even know what type of game it will be yet. The only reason that it was announced so early is because Microsoft wanted to make a big deal out of a Metal Gear game being on the 360.
Considering MGS is a predominantly Playstation franchise, it's verrrry likely to appear on PS3. Also, its MGS' first game on the 360 and it would be game suicide just to appear on it when there are so many MGS fans who own a PS3 console.
Besides i've pre-ordered on PS3 it on Play.com. They have plans.... but i agree it won't be released for a while yet.
It's CONFIRMED to be multiplatform for PS3, Xbox 360 and PC.
I am worried it's gonna suck, though. Not because it's multiplatform, I couldn't give a toss about that, but Kojima isn't writing or directing it. It's some other Japanese man that just wants to use the MGS name and characters to make money. That's why it is on 360/PC in the first place. Good thing Kojima is thinking about making another MGS. It will apparently be a PS3 exclusive, but we won't know for sure until either E3 or TGS 2011, so there's hope. Being the MGS nut I am, though, I will probably end up buying Rising for PS3..
Yes, you are totally right, after over three years of development, instead of pushing the release date back a bit because the game's just not quite right, they are going to cancel a project that has probably already cost millions. That's a sure fire way to make money. Get a grip. Buy the HD collection.