unfortunatly because its on the xBox it carnt be as powerfull as it would have been if it was exclusivly PS3!! but yes its on PS3 PC and xBox.
Been watching the progress on this game since start of the year. If you are an avid F1 fan, this will simply be the best F1 game you will ever play on. If your not so keen on F1 you will still love it, but you may not appreciate all the small things, such as the rubber building up on the track etc.
It will be out september time, there just putting finishing touches to it like the force feedback etc.