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The point of Twisted Metal is simple Sony is producing what looks to be another borderline AAA title only available on PS3. 

Which would elevate their AAA contenders (MetaScore of 80 ) to include

Motorstorm Series 82 Metascore Avg. 
Resistance Series 86.5 Metascore Avg. 
Infamous 85 Metascore 
God of War Series 92 Metascore Avg. AAA
Little Big Planet 95 
Metascore Avg. AAA
Uncharted Series 92 Metascore Avg. AAA
Ratchet and Clank Series 84 Metascore Avg.
Warhawk 84 Metascore
Modnation Racers 82 Metascore
Killzone 2 91 Metascore AAA

With Infamous 2, LBP2, Killzone 3, Sly Cooper Collection, and the Last Guardian in production Twisted Metal would provide yet another 1st party bankable IP.

Leaving them Jak and Daxter and Syphon Filter to fall back on.

Compare this list to Microsoft's AAA contender 1st party IP's and you can see why it important for Sony to continue adding diversity

Microsoft List
Halo Series 86.33 Metascore Avg. With Halo 3 being AAA 
Gears Series 93.5 Metascore Avg. AAA
Forza Series 91 Metascore Avg. AAA
Viva Pinata Series 83 Metascore Avg.
Perfect Dark Series 80 Metascore Avg. 
Fable 2 89 Metascore
Crackdown 83 Metascore 
Alan Wake 82 Metascore 

So as you can see they need more to remain on top