Vaporware: Better Late Than Never comes from Wired, and recognizes the most delayed and missed technology products from 2005.  Infinium Phantom and Twilight Princess make the list, as do the MIA Starcraft Ghost and  the sequel to Team Fortress.
But could anything possible be #1 but…

Duke Nukem Forever, which has been in development since 1997.  DN 3D was the first game  I ever played on a LAN, and that was a long, long time ago…