"No, Mr. Bond. I expect you to die"
What is described as a "glum insider" (Daniel Craig? Whenever the source is anonymous I assume it's either the janitor or the star, it makes life more interesting) had this to say "Members of the production crew have been told the Bond film has been canned. There is a lot of bad feeling as a lot of time, money and hard work has already gone into this."
The film was slated for a 2012 release originally, which would have been six years since the release of Quantum of Solace. Six years is the longest gap between any two Bond films. So even only a year or two is a significant delay in the context of the franchise's history. At this point it becomes less likely that Daniel Craig will reprise the role at all given studio propensities for reboots at the drop of a hat.
Here's something to brighten up your day though. Summit Entertainment is one of the companies in talks to buy out MGM. That would be the same Summit Entertainment that makes the Twilight films. You know, Robert Pattinson is brooding and British, and he'll be looking to headline another franchise about the time filming could begin.