I don't believe there was ever a timed exclusive deal. The thing was that Last Remnant was suppose to be released simultaneously with the 360 but then got pushed back 3 months or so. It was believed that the PS3 version needed more time.
The game was originally aimed at the Western market (blood soaked villain and unreal engine 3 was obvious dead giveaways) so when sales finally peaked for the 360, they felt that they couldn't do better with the PS3 since the Japanese might not buy into it. The purpose of many Japanese ports was to bring in extra revenue domestically in Japan where the 360 presence is less then one third of the PS3.
However the recent release of PS3 slim and and price drop might have prompted them to change their decision on canceling the title. By the time PS3's version of Last Remnant comes out the PS3 install base might be equal to that of the 360, guaranteeing someone will buy it.
Then again no one knows what goes on in S.E.'s Yoichi Wada's head.
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