It's always good to have the official clarification.
About three weeks ago, various sources reported that Prey 2 may have been canceled . After all, we hadn't heard anything about the project for an extended period of time, and it did seem feasible.
But in an update today from Bethesda PR, we have the correction: The game hasn't been canceled; it is merely delayed. It won't hit the estimated 2012 release window as, according to the company statement, "the game does not currently meet our quality standards." They go on to say that Prey 2 still shows "great promise" and they've made a "substantial investment" in the project's development, so they won't release it until they're convinced it's ready. That's probably the best idea as the shooter competition these days is so out of control, you had best come with your A game.
Maybe we'll learn more about Prey 2 as the year progresses and hopefully, it will indeed be well worth playing when it finally hits store shelves.