With it not appearing at this year's E3, I am starting to really think that this game won't ever see the light of day. Which is a downright shame. I haven't played Shadow of the Colossus BUT I have played Ico, and I adored it.
Well, if you like the ****ty Team Ico game, you'll probably adore Shadow of the Colossus (which I also have a lot of issues with, but it is a much better game). I'm surprised you haven't played it already.
As for The Last Guardian, I was pretty excited for this game until I played Ico for the first time in the HD Collection. Now, I'm really having a hard time giving a damn whether it comes out or not, and the way this game keeps getting delayed I have my doubts it's going to release at all. I think the massive media crush on Team Ico is the only thing keeping this project from getting canceled, but at best it's going to be a 2013 title.