There are cuts, and then there are cuts. Some things are cut because they don't fit well enough into the bigger whole, or even into some aspects of what the authors envisioned. This is both normal and good. As Guy said, only amateurs don't cut - which is very apparent in fan fiction in general.
The bad cuts are mostly due to business decisions. CDPR cut a big chunk of TW2 because they had financial trouble back then (and really though, too). Now, however, the company is financially stable, so I don't really see why would they cut content for reasons other than game's overall integrity. They are an ambitious bunch, and I have the feeling they really want to make TW3 as good as they possibly can. I'm not troubled.
Yes, the shareholder disappointment is a whole lot more meaningful than ours; and you're right, they have to reassure the people who are actually paying for the game to be made. Moving sales out of 2014 to 2015 is a huge blow to them. It needs to be followed up with strong assurance, credible to the investors, not to us, that the game is on track for the new date.
According to recent estimates, the company's valuation lost more than 230 million PLN (~$76 million). I wouldn't necessarily agree that shareholders are actually paying for the production, though, at least not in terms of current operations. Apart from providing a pool of capital when shares are emitted (last emission was in 2011) they don't really do anything else. Well, at least not until the next emission, when they can simply tell the company to go to hell
May be it was intended? To create a panic and buy off its stock for a cheap?
Yeah, that's one theory that floats on Polish sites covering the situation: the board simply wanted to lower the stock prices so that they could buy them out, and after TW3 becomes a bestselling GOTY they'd be swimming in money