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It's not going to PS3... And I suspect they won't even consider porting it until sales of the PS3 pick up significantly.

http://www.joystiq.com/2007/07/31/codemasters-overrules-overlord-ps3-rumor/

"Speaking to Eurogamer, a Codemasters spokesperson has made it inescapably clear that evil minion sim Overlord will not be conquering the PlayStation 3 anytime soon. "We are not porting Overlord to PS3." Gosh, that's a lot more direct than we're accustomed to in the world of video game news. Usually we'd expect something along the lines of "Codemasters may fail to not rule out considering the possibility of not creating a version of Overlord for the PS3 currently at this time not."

The rumor initially sprang from a job listing by developer Triumph Studios which politely asked for a PS3 programmer, one capable of "porting X360/PC code base to PS3." We have no idea what game Triumph is working on next, but we sincerely hope someone sends Overlord writer Rhianna Pratchett a PS3 by the time it comes out."