A delay or two "to make sure it's done right" doesn't bother me. As most people seem to say, I'd rather a developer take the time to get it done right than rush out something that has issues. Need an extra few months? Please, take it! I don't want to buy a product that isn't the best that it could be!
But if a developer delays his or her game for more than a year, it's time to get a little apprehensive. Raise an eyebrow at two years. Lower your expectations at three. Four years and you should probably not bother playing it until it's out and you hear something about its quality. It might still wind up being good or even great (Sleeping Dogs!), but chances are it's going to be notably flawed at best.
Well, Sleeping Dogs isn't really the best example, as that one had publisher issues (Activision backing away from the True Crime series, and the developer getting bought out, along with the game code, by Square Enix), so there was probably more than a bit of adjustment time needed.
I think the core issue with the whole delay/rush thing is that hype starts so damned early on games nowadays. Ideally, we'd not hear about a game until it was at least in feature freeze, if not until a beta version is ready to show media. That leads to the need to rush and/or people upset at delays. Once people are wound up, it can be hard to tell them to wait even more, no matter how justified it may be.
However, since long, winding hype trains aren't going away any time soon, I think it's up to us to rein in our attachment to unreleased games and let developers and publishers feel confident that we won't turn on them if a release needs to be pushed back a couple times.
Now, multi-year delays, that's an issue at the management level: Either the project lead has lost control of the development, or the suits had a grossly unrealistic timetable for release.
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