Its still coming out for ps3 though right?
Yup, just the PS4 will be added to the row of games.
Basically what SMS does is make their engine compatible with the new platforms. When that is done they only need to add platform specific features (like new PSN stuff, the touch pad control... stuff like that) which get a platform specific flag, because the basic game is already coded up on PC.
They than have a compiler (program to translate game code to a working launchabke game, useful for everyone) that will than translate all the things into a working game for whatever platform you select it should build the game for.
So in short. Once support for a PS4 or xbox 720 gets build into the compiler, SMS can easily make a working copy out of the game. So adding a new platform to the engine just broadens the horizons.
The reason development still takes quite a while is because of platform independent optimizations, console manufacturer demands, feature compatibility, writing up and making new stuff to be use by/via the hardware features, etc. Basically all the good stuff that eventually make up for the console specific experience of the game.
On topic of all the announcements. I think this was the best day ever as far as announcements go. There were 7 in total I think.
1. FSA with no real changes
2. SMS becoming an official PS4 developer
3. F1 driver incoming
4. Big update on the tyre model
5. AJ was looking at and thinking about snow and ice and only 2 things were missing. One being spike/stud tyre support and there was another which was rather minor in comparison.
6. Mercedes license
7. Career mode incoming
This was a hell of a day!
