Greg Miller seems to think so

http://ps3.ign.com/articles/890/890482p1.html

"If you're even aware of Fat Princess, it's probably just that quick snippet we saw during Sony's E3 press conference this morning, and that doesn't even begin to do the title from Darkstar and Sony justice. The result of some screwed up cloning project involving Animal Crossing, Strawberry Shortcake, and Warhawk; Fat Princess puts you on a team of eight to 32 cute-as-pie cartoony male and female characters; lets you choose from eight to ten dessert-themed levels such as Coco Cliffs and Black Forest, and proceeds to place you in some of the bloodiest battles seen on this platform."

The problem is we've only seen a few seconds of it in action. I am all for it, it does look unique and fun.

sounds amazingly hilarious and quirky....love it

Looks kinda like this game.

honestly sony just rushed through the games so quickly that you couldn't notice anything

definitely, the fact it is up to 32 players gets me even more interested in it

Yeah cute people killing each other!

Seemed like a simple enough premise...  the fat princess waddles throughout the level slowly and you have to hurry and kill everything in her path first, coming back occasionally to help her out.

Or at least that's what i got out of the short E3 trailer.

is there a video of it?

The little snippet made me really laugh. Im looking forward to it big time.