Project now 'making progress under completely new conditions'. So PS4, right?

Yes, The Last Guardian is still in development

Meaningful development of The Last Guardian appears to be occurring, according to its creator Fumito Ueda.

Kotaku reports that Ueda, who left Sony in 2011 but continues to work on the game, told Dengeki that "talks with Sony Computer Entertainment on The Last Guardian have been ironed out, and we’re making progress under completely new conditions”.

Does ‘new conditions’ = PS4?

MCV has the full story.

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The Danish publicly traded computer game company Trophy Games is acquiring the French game developer Playrion from Paradox Interactive. This is the largest acquisition in Trophy Games' history and will form the foundation for a new series of simulation games. At the same time, the company is raising its revenue expectations for the year to €22.8-€24.1 million . With the acquisition of French Playrion, Trophy Games gains 30 new employees and a new foundation for future growth.