In 2007, Famitsu had stated that the game was canceled, but later issued a correction. However, there had been no news or screenshots of a PS3 Gradius since then.
It's unknown if the next-gen Gradius would have been a 2D scrolling shooter with next-gen graphics, or a fully 3D game.
Whatever the case, Gradius fans can shed a tear for Vic Viper.