Sounds like it.
If we're lucky there may be new stuff from TGS (but TGS was only a month ago, so..). Luckier still if there are some company reps present taking questions about PS3 work.
Is this an independent event, or an official Sony event? If it's the former, the chances of new stuff happening may be slim.
There are a couple of other things to keep an eye out for this week, IIRC? The Kutaragi address at another conference, and a PS3 presence at the Tokyo Film Festival (Blu-ray playback demo, finally, perhaps?!?).
edit - The proceedings for this week look like this:
22-30 Oct: Tokyo Film Festival
22-30 Oct: The above mentioned "Playstation Festival"
27 Oct: Kutaragi Keynote at the Tokyo International Digital Conference
So there's gotta be the potential for some news in amongst all that..