Rockstar renewed copyright prior to New Year's 2017, but allowed it to lapse in November 2018. Revealed at E3 2009 as a PlayStation 3 exclusive title, and has been MIA since. Little is known about any of them, other than that Brave Arms was to be a 3D beat-em-up set in the Kingdom of Sapin in 2025.
A 2007 issue of Famitsu had an article centered on a trio of cancelled games, developed jointly by Project Aces and Cellius (a company owned by both Namco and Sony), which would have been set in the Ace Combat universe: Brave Arms, Second Season 01, and Chain Limit. Project Aces was working around 2003 on using the Ace Combat 04 engine for a remake of Xevious for that game's 20th anniversary, though little progress was made beyond a tech demo of, basically, putting the Solvalou into Ace Combat 04 before the project was quickly shelved in favor of the team working on Ace Combat 5. Save for the concurrent Rave Racer port making the rounds at some industry trade shows and getting a preview in Edge's July issue of that year, nothing came of this. SEQUEL PRO NIGHTLY BUILD PC
In May 1996, Namco announced PC ports of three of their arcade titles, including Air Combat 22. It was described as a 32X version of California Games but was cancelled due to add-on's early demise. 32 Extreme was an in-house Sega game for the 32X. More than a few games have also fallen victim to runaway ego and perfectionism, where the designers get distracted by their own artistic visions or desire to create something revolutionary and genre-shattering and won't be satisfied until it's "perfect", cost, publishers, and release dates be damned! (With predictable results). Combine this with people leaving the project out of frustration with the lack of forward progress and it gets harder to finish with every delay. Often, when a big goal is for the product to be up with the current technology, it becomes a self-reinforcing feedback loop of sorts when work has to be scrapped to keep up with the times. The developers simply promised more than their programmers could possibly deliver in too short a time frame. Most of the time there is legitimate product being produced, but internal problems simply result in it falling behind schedule and being passed in the marketplace by competitors. 
That said, the vast majority of vaporware isn't malicious. In the most extreme cases, the developing company itself may be a total fraud. Sometimes this is intentional, done by various promoters and stockholders solely to drive up the company's share prices, lure in new investors, or create a buzz in the marketplace that will keep their name on top.
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