They rushed Killzone to make it's 2004 release, when they really needed another 3 months of playtesting and polishing.
I expect Sony want KZ2 to arrive at the same time as Halo3.
3 years should be enough Dev time for something like this.
If Bungie can get Halo 3 out this year, why can't Guerilla do the same with KZ2? They actually had another game in development at they same time as KZ1, called Shellshock.
Making the release date doesn't mean the game will be any good.
I expect we will see it at E3 and it will be released in November this year.
But I wouldn't bet on it, I not a betting man, and there are too many unknowns at this point.
Why do you believe it won't make this release date?