God I really hope Lust Bound isn’t shelved. That’s probably my most anticipated Inceton game, and it’s halfway through its development. Although that hasn’t stopped Inceton before, Limits of Sky got cancelled, so there’s entirely a possibility.The sort of saving grace is that Ellie's story will probably conclude as intended.
I would expect the changes to start with Alice's route that will be the second part of the update and then bleed into the finale, changing all the answers around Carol's scheming and Alice's mom and all that, and of course subsquently, the ending choices might change as well, most likely to be less conclusive and allow them to milk the series further if it gets voted for a fourth episode in the polls.
As far as Lust Bound is concerned, Embercat was the writer. So that's basically shot. They might have the overall outline for his story but obviously they won't have the details for routes, choices and all sorts of stuff that only lives in the writer's mind or that he intended to do but hadn't yet sent their way, on top of potentially wanting to change the tone of the game, just as they are more than likely gonna try to do with LT3. Hell, it might even get shelved for all we know.
Basically, I'd keep my hopes way down and hope we end up pleasantly surprised than anything else.
But I think the fact that the announcement that 0.8.4 was delayed again, and Embercat telling us they were no longer employed with Inceton happened on the same day, tells me that the reason for the delay (being that there were major story issues), is a pretty good assumption that someone disagreed with the direction of the plot somewhere. And I do have a feeling that we’ll see the change in writers for the next update.