Microsoft announced early today the cancellation of its Level 5-developed Xbox Live MMORPG True Fantasy Live Online. The development of the title, which was considered one of the platform's major upcoming titles since it was first announced two years ago, has been progressing slowly, even after several delays, the latest of which saw the game heading for a late 2004 release in Japan. Microsoft mentioned that the remaining time to complete the ambitious project in addition to the current situation on the highly competitive market of MMORPGs led to the cancellation of the project.