Fans were frustrated at Square Enix's long silence surrounding Final Fantasy Versus XIII. At E3, the company finally announced that the former PS3 exclusive had moved to next-gen and would be titled Final Fantasy XV.
Apparently, Square Enix's secrecy regarding the upcoming Final Fantasy action game was due to the company's decision to move to next-gen. According to game director Tetsuya Nomura, they had decided to move to next-gen two years ago. That's the same time the company announced that Versus XIII would be delayed, suggesting that "a number of incredible things" would be incorporated into the game.
A Famitsu report (via Siliconera) reveals that the Versus XIII title was dropped last year. That would explain the report that the game was quietly canceled. It was actually true. What we didn't know was that Square Enix had turned it into Final Fantasy XV.
Because of the switch to next-gen, the company decided not to talk about the game publicly. However, PlayStation's E3 press conference was the perfect venue to re-reveal the game, especially with next-gen finally starting to kick into full gear. Hopefully, with the game in development for so long on next-gen tech, fans won't have to wait too much longer to see the game get released.