The bad news is the wait is over is because the game has finally been shitcanned.

Kotaku says their inside sources have told them Square Enix has finally canceled the game, which was announced back in 2006, and only sporadically come out with trailers and screenshots since then (and none in quite a while). Not only do I trust Kotaku and their sources more than most sites, the project has clearly been troubled since the beginning; plus, it makes sense that nothing good could ever possibly come out of the abysmal pit of suck that was Final Fantasy XIII. The silver lining is maybe now director Tetsuya Nomura can get off his ass and finally make Kingdom Hearts 3. Thanks to Stephanie F. for the tip.