I guess there are multiple definitions of Vaporware. For me vaporware is advertised and teased product without any near term availability. Vaporware may in fact became actual product eventually and quite often there is prototype to show off, but since the launch date is pushed up constantly the likelihood of ever having a real product diminishes.
Few different definitions from different internet sources:
: a computer-related product that has been widely advertised but has not and may never become available
: software or hardware that has been advertised but is not yet available to buy, either because it is only a concept or because it is still being written or designed. :In the computer industry, vaporware (or vapourware) is a product, typically computer hardware or software, that is announced to the general public but is late or never actually manufactured nor officially cancelled. Use of the word has broadened to include products such as automobiles.