What you forget, OP, is that the ps3 programming is completely different from ps2 programming.
While your argument works for onimusha, because the programming is nearly identical, it doesn't work in this scenario. They would have had to scrap all the work they had done already.
Besides, after GoW 1, they had the engine right there. All they had to do was add art assets. The games are pretty much identical gameplay-wise.











