Well, it's a port of the PSP version, so it's easier to transfer that over to a PS2 with acceptable low-quality graphics, then trying to port it over to the PS3 with improved graphics learning how to develop on blu-ray. That, and it's fast cash.
It has an 85% average rating. It's pretty good I'd say. There's already a Wipeout HD on the PSN though, so the need for another Wipeout game isn't really needed.