Hopefully the delay will mean that the release date and the play date are the same. We'll see!
Polygon have published an 18 minute continuous gameplay video from Tokyo Game Show, along with their impressions:
Personally, I'm not worried about the controls. Ico and Shadow of the Colossus controlled distinctly different than the silky smooth controls found in modern platformers such as Tomb Raider (2013) and Uncharted. Movement was more unpedictable. More frustrating at times, yes, but arguably more realistic. Indeed, I think Shadow of the Colossus has the best horse controls of any video game I've played. You actually feel like you're riding an unpredictable animal, rather than controlling a vehicle which looks like a horse. It's fitting that The Last Guardian retains continuity in this area with its predecessors.
As people in the comments section noted, The Last Guardian "feeling like a Playstation 2 game" may be intentional. If the boy controlled like Lara Croft, the feeling of being an inexperienced nobody in a dangerous world would disappear. With this in mind, The Last Guardian may only appeal to a niche audience, those of who had the kind of patience required to defeat the final boss in Shadow of the Colossus. But it was always going to be case that The Last Guardian wouldn't have mainstream appeal anyway.
Watching the video, The Last Guardian feels like an uncompromising game, one that stays true to it's origins and the vision of it's creator, despite it's ever expanding development cycle. If The Last Guardian isn't either a critical or commercial success, it may not matter so much. We're very unlikely to see fourth game in this series, especially now that Fumito Ueda has left Sony, so The Last Guardian doesn't need to try and be a game that someone else would want to play in order to secure a wide enough appeal to warrant a sequel.