From here:
(translated via babelfish)
The mythical project that s' being God War III announces off on PlayStation 3 will take form as of this year, since Sony confirmed to us during the living room of l' IDEF, which is currently held within the luxurious and paradisiac framework of Cannes, which Kratos will make an appearance in high-definition in Los Angeles, with l' occasion of l' E3 2008. The chances d' to attend a session of gameplay, lever in hand or not, are quasi null, but the spectacle will be worth the turning, puisqu' it s' will act of the first appearance of the Gods of l' Olympe in l' era next-gen. For memory, let us recall that the exit of the title is had a presentiment of for the festivals of end d' year of 2009, as we brought it back to you last January.
Hehe, I just called this last night. It was pretty obvious either way, though, between the Chains of Olympus PSP manual and the Killzone guys saying they've recieved help from the God of War guys with ps3 development, implying that God of War III is well under way.