Communication is a valuable commodity within the video game industry, something that's highly appreciated by the community itself. Being able to hear about the general status of the development of a game is certainly excited news and can help to alleviate pre-release fears if the various avenues are used correctly. We like to hear directly from the big, and little, publishers and developers as they explain the various challenges and fun things they're doing to make their game. Sometimes hearing why something was included, not included a feature or why a particular direction was chosen can help humanize an otherwise inaccessible industry.
How developers communicate with their fan base is as much a part of game development as anything. If you want to be successful, you'll need as wide an audience as possible, so communicating misinformation frequently or even outright lying can hurt a company's credibility to the point of affecting their bottom line.
Larger companies and franchises can weather such issues, though there is the potential for long-term effects not intended. Some companies do it better than others and have strict policies about either saying too much too early and certainly about releasing deceptive information. Peter Molyneux is almost famous for getting ahead of himself and the projects he's a part of. Features he's talked about sometimes never make it into the development pipeline, even.