Initial D fans, rejoice! No longer will you have to go to the local arcades, undoubtedly dying away, to get your fix of the racing game/TV show. Soon it will be hitting the PS3, not only looking better, but packing in all the features you'd expect from a standard console racer. Meaning online play, big solo campaign, etc.
What's the bad news? It's listed as a Japan-title only so far, with no release date or information about a possible US or European launch date. So if you're a Japan local or just plan on importing, this summer is the time to wait for.
As for whether there's a 360 version planned...it's hard to tell. Obviously it would sell poorly in Japan, but in the US it would be the reverse. Sega, developer and publisher of the title, will undoubtedly think long and hard about this, but if the game comes out worldwide, I doubt it will be a PS3 exclusive. Unless Sony has something to say about it.