I remember this game being one of the very first ever that was announced for "next gen consoles", way before the xbox360 was launched and having been in development since before E3 2005, with little progress shown (was it shown playable in E3 2006 as promised?)
I think the problem with the developer isn't as much in PS3 developing costs, but in developing costs overall.
Do they have other games under their belt, what have they done before? Are they a profitable company, or are they one of those announcing games with prerendered concept art and PR speak of advanced proprietary game engines that are to revolutionalise gaming, to attract investors so they'd have a chance to be a "real games studio"? (and having failed?).
And the fact that the Track7 seem to be a company emplying full 5 people doing the game(s) on PC, xbox360 (and was PS3)!!
I won't be surprised if soon they'll give an interview to some site, where they blame Sony that they never were able to get "Thesis" finished, and that lead to the "bankcrupty" of their company. And all that because of PS3 and how they'd invested so much on it and getting burned by the high cost of developing on PS3 (the PC and xbox360 versions had to fall by the wayside with the PS3 version of course).
For E3 2007 they'll announce another game for PC and xbox360, with a couple of impressive prerendered screenshots.
The PC version will be released first and the game will fail to live up to the hype, being a very mediocre title with average graphics. The xbox360 version will never be seen.
For E3 2008 they'll have changed the name of the company and it's rumoured in B3D the company is being run by
The Creature 
