There have been several rumors floating around the net as of late saying that Omikron had been put on hold. Today, Eidos made official with GameSpot News that instead of being put on hold, the project has been cancelled. One Eidos source said, "Yes, it's true. It was mainly an issue of so much art and too much detail for the PlayStation to handle."
According to Eidos, the PC version is coming along nicely and is on track for its November release.