According to a post David Jaffe left on the NeoGAF forums the title has been delayed for an unspecified time.
"Hey guys...Sony was kinda annoyed that I claimed 5/3 as release date as it was never official. The game got kicked out of format as two very key bugs were found at the last second. Fixing those allowed us time to go back in and fix the issue (or what we think is the issue) that IGN had with the magnet. We are back in format q/a at the moment and we'd all be stunned if it did not sail thru...but we've learned to keep our mouths shut on it so as to not get people's hopes up and then let them down. The two big bugs tho- so you realize we didn't hold it up for no reason- were:
a- About 30% of the time if the host of a network game quit to the XMB or powered off his PS3, the other folks in the game would experience a hang/crash when going back to the game lobby. This was way too frequent for a crash bug and we wanted it fixed.
b- If players were doing voice chat and one player unplugged his head set and quit out of the game, when he tried to jump into a new game, about 50% of the time the player would be able to play the game but no one could hear him over voice chat.
I hope you will agree these bugs were worth ironing out. Granted, they should have been bugs that were squashed 2 months ago, but for whatever reason, they were not. So we had to do it now.
I was trying to find a way to make it up to those who care about our game and I think what we are going to do is like the first 50 or so people who find me online and can beat me, get a free CALLING ALL CARS bobble head figure. Is that lame? Not sure. But we'll prob. do it. Cause we really do feel really, really bad.