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There's 2 reasons that I think this game is a fully fledged normal game:
1) A PSN game wouldn't be that expensive to cause a super effective financial hit
2) I believe during E3 it was announced that the bigger devs/publishers received the wand dev kits, so Marvelous/Grasshopper would not have access to them at this point

If they think that it might bankrupt them, then they shouldn't do it, unless they're guaranteed by Sony that they won't go under. Otherwise it's best not to make it.