Since Beyond Good & Evil 2 was announced back in 2008, Michel Ancel, the project's lead, has released three games and started working on a forth at a new studio, Wild. It would be easy to assume that meant the project had been shelved and wasn't coming out.
Still, when asked about the future of the project, Ubisoft CEO Yves Guillemot said it was still in development. I checked and he didn't have his fingers crossed when he said "it's still on the way", and he certainly didn't touch his nose and pull his ear when he said "it's something that at one point you can see, yes". Nor did his nose grow when he said "Michel is working on it".
If Ancel is still actively working on the game then it has to be low on his priorities right now, considering Wild and running a studio must me taking up most of his time. Guillemot points to Ancel's current workload as the reason why the game is taking such a long time, saying "it's coming along but he has to spend more time on it so we can see it faster".
Maybe, one day, we'll see a new Beyond Good & Evil but I'm not holding my breath.