Computer Slang. a product, especially software, that is promoted or marketed while it is still in development and that may never be produced.

vapor + -ware Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Computing Dictionary

vaporware definition

/vay'pr-weir/ (UK "vapourware") Products announced far in advance of any release (which may or may not actually take place). The term came from Atari users and was later applied by Infoworld to Microsoft's continuous lying about Microsoft Windows.
See also brochureware.
[Jargon File]
The Free On-line Dictionary of Computing, © Denis Howe 2010
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Example sentences
Cloud computing is no longer a cloud cuckoo-land full of vaporware.
They expect to have a version released for next summer, so we'll see then if
  this is vaporware or not.
But jeez, if you ask me, the whole banking system has always been vaporware to
  some degree.
Unproven reserves are vaporware until shown otherwise, and even with them, the
  picture is hardly rosy.
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