In 2004, Sony were funding the project as a PlayStation exclusive. In 2007, Rockstar re-confirmed the game's release for PlayStation 3 in the fall of the following year. Sometime after that, the game was announced as multiformat.
Now, as part of Take-Two's Q3 2010, the game's been pushed out of its fall release window and into early 2011. That means the project's been in development for a whopping seven years, possibly more.
Will it come out early next year? Nope, we bet it'll get bumped again. This game ain't ever coming out.