It's going to be a download game for under $20 on Xbox Live Arcade and Playstation Store. They are not trying to reinvent the wheel here, but merely gauge interest for future games. After the failures of the past few THPS titles they are very gun shy now.
THPS 1 & 2 are still my favorites (with an honorable mention for THUG) and I look forward to this as a cheap diversion game. I hope for my $15-$20 that I at least get the original Sim Mode though. Bullet Time might be included as well if the video is any hint.