PSN users are also screwed, but that didn't make for a fun title.
 
Oh yeah, and it comes with a free copy of NBA Elite 11, which you probably don't care about AT ALL if you're looking forward to a zany arcade basketball game.  At any rate, get ready to see LOADS and LOADS of copies of NBA Elite 11 for DIRT CHEAP at your local GameStop, and get ready to hate EA more than you have EVER hated EA:
 
From Kotaku: 
http://kotaku.com/5603068/nba-jam-confirmed-for-360-ps3-but-theres-a-catch

 After months of rumours, EA Sports confirmed today that NBA Jam won't just be released on the Wii, with high definition versions also on the way for the PS3 and Xbox 360. Warning: some bad news follows.

While the game will technically be coming to the PS3 and 360, it won't be available individually. Instead, it'll be included as a downloadable title (via a code) in $60 copies of EA's regular basketball title, NBA Elite.

"We're still holding back the Remix Tour for the Wii consumer, and that's about 20 hours of gameplay," EA Sports' Jordan Edelstein tells ESPN. "But for the PS3 and 360, we want people to try 'Elite'. We feel like 'NBA Elite 11' is a great product and we want people to give it a chance and see all the changes we're making. So as a way to say thanks to these people, we are going to let them experience 'Jam'. It's not the full product, but it's a good portion of it.

"And the only way to play 'Jam' on the 360 and PS3 is by picking up 'Elite'. There's a one-time use code that will be in every copy of 'Elite', so you just go online and redeem it. We're not selling 'Jam' on PSN or Xbox Live. If you still want the full product, the full experience is on the Wii, but if you pick up 'Elite', you're still getting a good taste of it, especially with the inclusion of online play."

Way to go, EA. I didn't think it was possible to dampen my enthusiasm for this game, but you pretty much just found a way to do it. Either pay full price for a Wii version that will lack online play, or buy a basketball game I don't want and get a glorified demo of the game I did want.

Then again, since this will both boost sales of NBA Elite and kill the game's re-sale value, it's probably mission accomplished from where they're sitting.

Well shit.

NBA Elite won't even go for a $30 trade in value. I say $15. Anyways, I doubt a lot of people will even be picking up NBA Elite. Regardless of the NBA Jam demo.

was just about to make a forum of this. Thats bullshit that its not the full product, and its only with elite. Fuck EA.

Yeah who needs the full product, when you can get a good taste of the game? 
 
Good job fucktards, EA can go lick my chocolate salty balls. (put 'em in your mouth and suck 'em)

And poof goes my excitement for NBA Jam

I was already excited about NBA Elite, so this is a nice bonus. 
 
I'm completely baffled as to why they won't just release the full thing on XBLA and PSN, though.

Way to go EA hero (new NBA Jam) to zero ($60) in one short swoop.

4800 ms points lol and its only the nba jam demo LMFAO

I can't believe this shit!  I guess I'll pick it up on Wii, but to actually MAKE a PS3/Xbox version and then have it a crippled, demo version is mental.  It'd be a day one purchase on 360 - not so sure about Wii, with no decent multiplayer...  
 
Absolutely abominable.

Once NBA Elite's first 4 months of mediocre sales are done with they'll release it as a $15 download. They know people want Jam and no one gives two shits about Elite.

Ewwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww

I'm having a hard time adapting to this EA nonsense lately. 
 
I went from excited to depressed in less than fifteen seconds.

" Once NBA Elite's first 4 months of mediocre sales are done with they'll release it as a $15 download. They know people want Jam and no one gives two shits about Elite. "

i feel like that's fucked up.

Good way to confirm that Elite is so bad that you need to combine it with Jam to sell copies.