I haven't heard anything about this game but it looks like it's going to go live today.  It looks like a twisted metal style game but without being quite as dark.  I found a video online about it on the official PS3 site.  The link is below. 
 
http://blog.us.playstation.com/2012/03/29/wheels-of-destruction-weapon-guide/

For those who may be thinking of buying the game, I'd recommend against it.  The game isn't very good.  I'm sure you could eek out some enjoyment from it, but there are better games out there (namely Twisted Metal) and this one doesn't even come close.  It's just a poor game and a horrible experience altogether.