No, this isn't a late announcement for Godzilla as the most recent "reboot" has already come and gone from theaters here in North America. It is an announcement for Godzilla that will be coming to PS3s in Japan though. Hopefully in other regions without the need for modding or hacking the hardware but there have been no announcements to date. In fact, there isn't even all that much short of the following trailer and a few bits from Famitsu. Here is what is known so far for all you foreign readers or hopeful locals.
Godzilla will allow us to control the titular character as it rampages through the world. No word on locations yet but I think it is safe to assume Japan. It will use an unnamed current gen engine to give us all the atmosphere and camera angles that we loved in the original films. So they are trying to make it feel like the old "dude in a suit" films with the graphical power of what sounds like the Unreal or Crysis engines. An odd combination but I think I get the idea behind it. Here, see what they are aiming for in the gameplay trailer here.
As I said, there have not been any plans to bring Godzilla to PS3s outside of Japan as of yet but it isn't completely ruled out yet. It would be kind of cool to rampage around as the King Of Monsters but I'm not sure if the hype train has rolled on by here. I'd be 100% down for it but the market may not be which sucks for the fans like me who will need to find other means to play Godzilla if it ends up being worth the time and effort.