You might think that vaporware is a relatively new thing. Perhaps the best known example is Duke Nukem Forever, which was announced in 1997 but still has not shipped. It received Wired News’ Vaporware Lifetime Achievement Award in 2003.
Vaporwear has actually been around much longer: Project Xanadu was announced in 1960, and has finally shipped a 1.0 release of XanaduSpace.