The Last Guardian may have been a no-show at TGS, but Sony's Shuhei Yoshida has stressed that the game is still coming to PS3, although current rumours point to a PS4 release. The studio has also suggested that the game was perhaps announced too early
Speaking with Kotaku, a member of The Last Guardian dev team stated, "I give you my word that it exists. We are working on it."
The developer also stated that it's an ambitious project, and that, "There are lots of pieces of the puzzle. It's a matter of getting them to fit together."
Kotaku also notes that when he was still part of the team, Fumito Ueda agreed that perhaps the ambitious project had been announced far too early. We're sure many gamers would agree.
Thanks again Kotaku.