I have to agree. I don't see this going anywhere for a couple of reasons. The first thing that strikes me is that this guy is Mr. Unavailable. They'll pull that old "I'm not ready for a relationship" thing in a heartbeat if they think it'll get them what they want. He wanted sex; not a relationship. By protesting too much, he gets what he wants...his cake and eat it too. You feel bad for him making you vulnerable.
This is especially true given the fact that he's doing the old push and pull you routine. I can't, but oh wait I still want sex. And all the while he's protesting because he knows you want what he doesn't. Except he still wants to get laid. By acting as if he just can't help himself, he's setting you up. He'll continue to blow hot and cold until you stop him in his tracks girl.
Deep down he may like you, but not enough for a relationship. If he did, that's what you would be having. The odds that he'll decide he is ready and wants to be in a relationship with you are slim to none. Of course he's attracted, but attracted and wanting a relationship are two completely different things.
As fawkse said, I hate to be harsh but I have seen this too many times. You're best bet is to cut contact, heal and move on. Quickly. The longer this goes on, the worse you're going to feel about yourself.