This from the official site:
Putting the festival together, in what is proving to be a very challenging year and with damage inflicted by anti-festival lobbyists, was more difficult than we anticipated. We have spent the last year fighting hard to establish and keep WOWfest in the calendar. Unfortunately circumstances have dictated that this is no longer possible to achieve in 2012.
The planned event for 2012 will need to be postponed. Alternatives have been briefly assessed but time is against us and therefore the only sensible decision is to cancel WOWfest 2012 on the Isle of Wight and look to the future in 2013.
Ticket holders for WOWfest 2012 will be refunded.
Whilst we will be in touch with them all separately, in addition to this announcement, we want to openly express our deepest regrets to the artists and to thank all the people, suppliers and contractors who worked so hard with us to try and pull off what has proved to be a monumental task when there have been so many people determined to destabilise the event with negative publicity and actions. We also want to send a huge thanks to the partners and people who stuck by us and we are so sorry that we can't fulfil what we set out to do in 2012.
Located near the seaside town of Shanklin and set to take place from 17th to 19th August, WOWfest was set to be a triumphant global party as established artists from the world of rock, pop, soul, reggae, clubbing, dub and jazz were to rub shoulders across a handful of diverse stages. UB40, Heaven 17, The Pretty Things, Madeleine Peyroux, Soul II Soul, Aswad and many more plus DJs such as Paul Oakenfold, Danny Rampling and Peter Hook were all to feature.